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Highlights:
Retail Offer Details: Coro is offering 6,666,667 new ordinary shares at 1.5 pence per share, with a total potential raise of £100,000 through the WRAP platform.
Subscription Fundraising: In addition to the WRAP Retail Offer, Coro is seeking to raise approximately £1.9 million through a separate subscription of new shares, also priced at 1.5 pence per share.
Completion and Admission: The offer is subject to shareholder approval at a General Meeting on or around 26 February 2025, with shares expected to be admitted to trading on AIM before the end of February 2025.
Coro Energy plc (LSE:CORO) is launching a retail offer through the Winterflood Retail Access Platform ("WRAP") to raise up to £100,000. The offer will involve the issuance of up to 6,666,667 new ordinary shares, each priced at 1.5 pence per share following a planned share capital reorganization.
Full Details of the Offer
Coro Energy has announced a retail offer via the Winterflood Retail Access Platform (WRAP) to raise up to £100,000 through the issuance of 6,666,667 new ordinary shares, priced at 1.5 pence per share. This offer is being extended to eligible retail investors in the United Kingdom who are existing shareholders of the Company.
The proceeds from the WRAP Retail Offer will be used in the same way as those from a separate subscription of new ordinary shares, announced on 9 January 2025, to raise approximately £1.9 million (before expenses). Both the WRAP Retail Offer Shares and the Subscription Shares are priced at the same issue price of 1.5 pence.
It is important to note that the WRAP Retail Offer is not part of the subscription. While completion of the WRAP Retail Offer is conditional upon the completion of the subscription, the subscription’s completion is not dependent on the WRAP Retail Offer.
The offer’s completion and the admission of shares to AIM are subject to shareholder approval at a General Meeting, which is expected to occur on or around 26 February 2025. A circular convening this meeting is expected to be sent by 24 January 2025. If all conditions are met, admission of shares and trading will commence before the end of February 2025.
Opportunity for Retail Shareholders
Coro Energy values its retail shareholder base and has made this retail offer available to eligible shareholders in the United Kingdom. Existing shareholders wishing to participate can do so by contacting their broker or wealth manager.
The WRAP Retail Offer is expected to close at 4.30 pm on 24 January 2025, with some financial intermediaries potentially setting earlier closing times.
