Petroleum Africa
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Monday, January 25, 2021
Pharos Energy plc announced the successful completion of the Placing of new Ordinary Shares as well as the concurrent Subscription and Retail Offer as defined below (together the “Fundraise”). A total of 44,661,490 new Ordinary Shares, representing 11.2 per cent. of the existing issued Ordinary Shares of the Company prior to the Fundraise, will be issued in the Fundraise at the Placing Price to raise gross proceeds of approximately US$11.7 million (£8.6 million).
Ed Story, Chief Executive of Pharos Energy plc, commented: “We are delighted to have such strong support in this equity raising from the market, underpinned by our existing shareholders, management team and board. These funds will allow us to restart our investment in the water flood program in the El Fayum oil fields in Egypt imminently as we progress our farm out process. We expect this to bring in the funding for the first phase of the full-scale development drilling program (oil producers and water injectors), targeting material increases in production.”
Pursuant to the Placing, which was significantly oversubscribed, a total of 30,733,682 Placing Shares have been placed with new and existing investors at the Placing Price raising gross proceeds of approximately US$8.1 million (£5.9 million). Concurrently with the Placing, certain directors and existing shareholders have entered into subscription agreements with the Company to subscribe for 9,017,886 Subscription Shares at the Placing Price raising gross proceeds of approximately US$2.4 million (£1.7 million). In addition, retail investors have subscribed in the Retail Offer via Primary Bid for 4,909,922 Retail Shares at the Placing Price raising gross proceeds of approximately US$1.3 million (£0.9 million).
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