Rockhopper raises £5.75m via placing and subscription

Rockhopper Exploration plc has raised US$7 million (£5.75m) through a placing and subscription.

DISCOUNT

The company placed 82,182,776 units each at the issue price of 7 pence, which is a 12.5% discount to the closing price on 14 June 2022.

Each unit comprises one new ordinary share and, for every two new ordinary shares subscribed for, one warrant. 

This will result in the issue of 82,182,776 new ordinary shares and 41,091,388 warrants.

Rockhopper said that the placing was oversubscribed and that it had increased the size of the placing.

DIRECTORS’ DEALINGS

Chairman Keith Lough subscribed for 428,570 shares taking his total held to 657,085 with 214,285 warrants; senior independent director Alison Baker 142,856 (212,856 and 71,428); non-executive director John Summers 142,856 (461,185 and 71,428); and co-founder and chief executive officer Sam Moody 1,428,570 (3,999, 299 and 714,289).

The company will use the funds to extend its working capital beyond 12 months and through the period of the Sea Lion licence extension in the North Falklands basin.