Predator Oil & Gas Holdings plc aims to raise a minimum £7 million gross via a placing for institutional investors on completion of an accelerated bookbuild process.
USES
The company, with onshore oil and gas operations in Morocco and Trinidad, will issue new ordinary shares in the capital of the company at a price to be determined following the bookbuild, but at a minimum of 11p.
Predator said that the placing shares were not available to the public.
Net proceeds will fund an extended rigless testing programme for MOU-1, MOU-3 and MOU-4 wells at the Guercif licence (75%), the start of compressed natural gas development studies and tendering for long lead items, residual MOU-4 well costs and general working capital.
PROSPECTUS
Predator added it was working with its advisers to obtain approval of a prospectus which was in the “late stages of the vetting process” with the Financial Conduct Authority (FCA).
“In the event that the prospectus is not approved by the FCA by 23 August 2023, the company will however have sufficient headroom under the prospectus regulation rules to apply for admission of the placing shares.”
As at 31 July, the company’s issued share capital comprises 426,403,418 ordinary shares, each with one voting right. Predator holds no ordinary shares in treasury.