Baron Oiplc said it had conditionally raised £1.65 million (before expenses) by way of a placing and subscription.
The oversubscribed fundraise was for 2,750,000,000 new ordinary shares of 0.025p each at 0.06 pence per share.
DIRECTOR PARTICIPATION
Chief executive Andrew Yeo subscribed for 16,150,000 new ordinary shares at the issue price.
| Director | Position | New Ordinary Shares being subscribed | Shareholding following Admission | Percentage of enlarged share capital following Admission |
| Andrew Yeo | Chief Executive | 16,150,000 | 185,000,000 | 1.29% |
INDICATIVE USES
The company added that the indicative use of funds would comprise 55% for the TL-SO-19-16 PSC (Chuditch) project ahead of a potential two-well drilling campaign in 2023.
Up to some 10% will help evaluate and progress the company’s UK P2478 licence project in the Inner Moray Firth, containing the Dunrobin prospect, before a drill or drop decision by July 2023.
Approximately 35% of the funds raised will go towards the evaluation of potential new ventures, the withdrawal from Peru and cover general and administrative expenses and other related working capital.