Petroleum Africa
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Friday, March 17, 2023
Predator Oil & Gas Holdings has conditionally placed 15,500,000 new ordinary shares of no par value in the Company and 20,863,636 existing ordinary shares of no par value in the Company transferred by a director of the Company, Paul Griffiths, at a placing price of 5.5 pence each to raise £2,000,000 (before expenses).
The Placing utilizes the company’s available headroom shares as of March 31, 2023 under the Financial Conduct Authority restrictions for companies on the Official List (standard listing segment) of the London Stock Exchange’s main market for listed securities. Novum Securities are acting as the sole placing agents to the company.
Predator will not have sufficient headroom to enable issue and admission of all of the 36,363,636 Placing Shares which are required to be issued pursuant to the Placing without producing of an FCA approved prospectus.
The company is therefore proposing to issue and admit 15,500,000 new ordinary shares (up to its existing headroom limit existing at March 31, 2023) on or around April 3, 2023.
On the same date, it is also intended for a director of the company, Paul Griffiths, to make up the shortfall by way of a loan of 20,863,636 existing ordinary shares held by him in order to settle the Placing in a timely manner. For the avoidance of doubt, the transfer of the shares subject to Novum from Paul Griffiths involves no consideration being paid. The transfer of these shares is expected to be made on or around 3 April 2023.
Paul Griffiths, Executive Chairman of Predator Oil & Gas Holdings Plc commented: “The additional funding announced today allows us to advance the drilling of MOU-3 to target for the first time all Prospective and Contingent gas resources. The learning curve has improved substantially following the information gathered from the suspended well MOU-2. As a result we believe that bringing forward the drilling of MOU-3, with a projected start date in the first week of May, is a sensible course of action.
“I am delighted to be supporting the company and its shareholders through a loan of shares to enable MOU-3 to proceed earlier than originally envisaged based on attractive risk versus reward metrics.”
For more details on the planned expenditures for the placing along with further corporate announcements, view the full release here.
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