Placing to Raise £1.0 Million
Placing of 20 million shares at 5p each to raise £1.0m for Trinidad acquisition and Morocco/Trinidad operations.
- Funds raised £1.0 million
- Placing price 5 pence per share
- New ordinary shares issued 20 million
- Warrants issued 1,600,000
- Warrant exercise price 5 pence
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Highlights
- Placing to substitute cash for shares on Completion of the acquisition of CEG Plc's business interests and operations onshore Trinidad
- Funds to start EIA and advance design of optimum MOU-3 gas development facilities based on the Collaboration Agreement with our local partner
- Accelerate rig maintenance work and upgrade for Snowcap-3 appraisal well
Predator Oil & Gas Holdings Plc (LSE: PRD), a Jersey based Oil and Gas Company with near-term drilling operations focussed on Morocco and Trinidad, announce that it has conditionally placed 20 million new ordinary shares of no par value in the Company (the "Placing Shares") at a placing price of 5 pence each (the "Placing Price") to raise £1.0 million (before expenses) (the "Placing").
The Placing utlises some of the Company's existing headroom to issue shares under the Prospectus Regulation Rules.
Use of Proceeds
The Proceeds of the Placing, less expenses, will be spent as shown below.
USE OF PROCEEDS
| Acquisition | Budgeted estimated costs (£) |
|---|---|
| Onshore Trinidad | |
| 1. Deferred Consideration due on the Completion of the acquisition of Challenger Energy Group Plc's business interests and operations onshore Trinidad - cash to replace Consideration due in shares 2. Rig inspection and maintenance work for Snowcap-3 selected rig and negotiate rig contract | 450,000 100,000 |
| Onshore Morocco | |
| 3. EIA and Front End Engineering Design for gas processing and distribution facilities for a potential gas development at MOU-3 well site 4. Place Purchase Order for the import of large perforating guns for MOU-1 and MOU-4 rigless testing programmes | 200,000 150,000 |
| Administrative | |
| 3. General discretionary working capital and administrative expenses | 100,000 |
| TOTAL COSTS | 1,000,000 |
Completion of the Placing
Completion of the Placing is conditional on, inter alia:-
Admission, Settlement and Dealings in the new Placing Shares
Applications will be made to the FCA and to the London Stock Exchange for Admission in respect of all the Placing Shares proposed to be issued on completion of the Placing. It is expected that Admission will become effective, and that dealings in the Placing Shares are expected to commence at 8.00 a.m. 28 July 2025.
Warrants
1,600,000 million warrants are being issued exercisable at 5p. The Warrants have an expiry date of five years from the date of Admission.
Total Voting Rights
Following Admission, the Company has ordinary shares of no par value in issue, each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore 686,286,395. This figure of 686,286,395 may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.
Paul Griffiths, Chief Executive Officer of Predator Oil & Gas Holdings Plc commented:
"Completion of the transaction to acquire Challenger Energy Group's business interests and operations in Trinidad is expected to occur shortly. The Company is electing to settle the balance of the Consideration due at Completion in cash rather than through the issue of shares at a time when we are focussed on our strategically important operations in Morocco.
Additional funds will help drive the next stage of our operations in Morocco focussed on the optimum gas development option under the terms of our collaboration agreement for gas marketing with our local partner.
Additional funds are also being assigned to accelerating the maintenance overhaul of an in-country rig suitable for drilling the Snowcap-3 Appraisal well in Trinidad. This option will significantly reduce well costs."
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