Baron Oil plc raised £3.26 million via a placing, subscription and retail offer of a total 6,528,023,360 new ordinary shares of 0.025p each in the company, at 0.05 pence per new ordinary share.
DIRECTORS’ DEALINGS
The oversubscribed placing and subscription conditionally raised net proceeds of £2.7m for 6bn new ordinary shares.
Chief executive officer Andrew Yeo subscribed for 12m new ordinary shares, taking his total shareholding on admission to 205m, equal to 0.80% of the enlarged share capital.
Director Asia Pacific Andrew Butler subscribed for 64m new ordinary shares, giving a total shareholding of 692,601,442, equal to 2.71%.
A separate retail offer to existing shareholders raised £260,000 for a total 528,023,360 new ordinary shares.
On admission, Baron’s issued ordinary share capital will consist of 25,510,783,788 ordinary shares each with one voting right. The company holds no ordinary shares in treasury.
Net proceeds, along with Baron’s existing available cash of £3.65m, will go towards a rig deposit, the drilling project team, site survey, certain long lead items and a bank guarantee for operations in the Chuditch field, offshore Timor-Leste.