Petroleum Africa
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Tuesday, January 17, 2023
Press Release
The Directors of Clontarf Energy plc (AIM: CLON) are pleased to announce that the Company has raised £1,300,000 (before expenses) via the placing of, and subscription for, 2 billion new ordinary shares 0.01p each in the Company (“Ordinary Shares”) (the “Placing Shares”), via several Australian based brokers, at a price of 0.065p per Placing Share (the “Placing”). The Placing Shares represent approximately 45.76% of the Company’s issued share capital as enlarged by the Placing.
The Placing shares will rank pari passu with the Company’s existing Ordinary Shares. Application will be made for the Placing Shares to be admitted to trading on AIM (“Admission”) and it is expected that such Admission will become effective on or around 19 January 2023. The issue of the Placing Shares is being satisfied from the Directors’ existing authority to allot shares free of pre-emption rights.
The net proceeds of the Placing will be used to advance Clontarf’s lithium projects in Bolivia, and petroleum projects in Ghana, Australia, and elsewhere.
The full release can be found at Clontarf Energy’s release here.
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