Results of Capital Raise
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Petro Matad Limited ("Petro Matad" or the "Company") (AIM: MATD), the AIM quoted Mongolian oil company, is pleased to announce that following the accelerated bookbuild which was announced on 25 June 2024, the Company has conditionally raised gross proceeds of GBP 7.0 million (US$8.9 million) through the Placing of new Ordinary Shares, and Subscription by each of a director and shareholder of the Company at a price of 2.0 pence (the "Placing Price") per share.
Shore Capital Stockbrokers ("Shore Capital") and Zeus Capital ("Zeus") acted as Joint Bookrunners.
Highlights
- The Company has conditionally raised, in aggregate, GBP 7.0 million (US$8.9 million) at a price of 2.0 pence per new Ordinary Share.
- Petrovis Matad Inc. (a Substantial Shareholder as defined under the AIM Rules) is participating in the Subscription for a total of 39,370,077 Subscription Shares with a total value of US$1 million.
- Mike Buck, CEO of Petro Matad, is participating in the Subscription for a total of 3,937,007 Subscription Shares with a total value of US$100,000.
- Conditionally, in aggregate, a total of 350,000,000 New Shares will therefore be issued, representing approximately 24 per cent. of the enlarged share capital.
Retail Offer
As part of the Capital Raising, the Company announced on 25 June 2024 that it was launching a separate retail offer of up to 20 million new Ordinary Shares at the Placing Price on the BookBuild Platform to raise up to a further £400,000 (US$0.5m) to provide existing retail shareholders in the United Kingdom with an opportunity to participate in the Capital Raising. A separate announcement will be made on the result of the Retail Offer, expected to be released on 1 July 2024.
Admission
Application will be made for the admission of the Placing Shares to trading on the AIM market of London Stock Exchange plc ("Admission"). It is expected that such Admission will take place at or around 8.00 a.m. (London time) on 1 July 2024. Application will be made for the admission of the Subscription Shares to trading on the AIM market of London Stock Exchange plc. It is expected that such admission will take place at or around 8.00 a.m. (London time) on 3 July 2024.
Related Party Transaction
As a substantial shareholder, Petrovis Matad Inc.'s participation in the Subscription is deemed to be a related party transaction for the purposes of AIM Rule 13. The independent director of Petro Matad (being for this purpose Tim Bushell), having consulted with the Company's nominated adviser, Shore Capital, considers that the terms of Petrovis Matad Inc.'s participation in the Subscription are fair and reasonable insofar as Shareholders are concerned.
| a) | Name | Mike Buck |
| 2 | Reason for the notification | |
| a) | Position/status | CEO |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Petro Matad Limited |
| b) | LEI | 213800FXLBLLEVK4R858 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares in the Company IM00B292WR19 |
| b) | Nature of the transaction | Purchase of shares |
| c) | Price(s) and volume(s) | Purchase of shares: Price Volume(s) 2.0p 3,937,007 |
| d) | Aggregated information - Aggregated volume - Price - Total Value | N/A |
| e) | Date of the transaction | 26 June 2024 |
| f) | Place of the transaction | LSE, AIM Market (AIMX) |
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