Beacon Energy plc raised in total €3 million (£2.6m) via an oversubscribed placing with new and existing institutional investors and a primary bid offer.
The company issued 5,137,000,000 shares at 0.05 pence per new ordinary share, representing an approximate 28% discount to the closing middle market price of 0.07 pence per existing ordinary share on 27 February 2024.
On admission, Beacon will have 18,511,679,620 ordinary shares in issue. The company holds no ordinary shares in treasury.
Net proceeds of the fundraise will progress Beacon’s oil assets in the Erfelden field in Hessen, Germany.