Chariot launches open offer and warrants after $20m equity raise

Chariot Oil & Gas ( (GB:CHAR) ) has issued an update.

Chariot Limited has posted a circular to qualifying shareholders outlining the terms of a recently completed placing and subscription that raised net proceeds of about US$20 million, alongside details of an associated open offer and warrant grant. Admitted to trading on AIM under the ticker CHAR, the Africa-focused transitional energy group is using these equity measures to reinforce its capital base as it builds out upstream oil and gas operations in Morocco and advances renewable and green hydrogen projects across the continent.

The company has already placed and subscribed for over 1.13 billion new shares at 1.4 pence each and is now offering existing shareholders one open-offer share for every seven held, targeting up to an additional US$4 million to supplement working capital. Participants in the fundraising will receive one warrant per new share, exercisable at 2.4 pence until April 2029, while a general meeting scheduled for 11 March in London will seek shareholder approvals that underpin Chariot’s ongoing growth and funding strategy.

The most recent analyst rating on (GB:CHAR) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on Chariot Oil & Gas stock, see the GB:CHAR Stock Forecast page.

Spark’s Take on GB:CHAR Stock

According to Spark, TipRanks’ AI Analyst, GB:CHAR is a Neutral.

Chariot Oil & Gas’s overall stock score reflects significant financial challenges and bearish technical indicators. However, strategic corporate events, including partnerships and a shift towards renewable energy, offer potential for future improvement. The company’s valuation remains unattractive due to ongoing losses.

To see Spark’s full report on GB:CHAR stock, click here.

More about Chariot Oil & Gas

Chariot Limited is an Africa-focused transitional energy group with two main divisions: upstream oil and gas and renewable power. The company holds offshore and onshore licences in Morocco, is pursuing new oil and gas production ventures across Africa, and is developing renewable power projects in South Africa, power-to-mining solutions, and the Project Nour green hydrogen asset in Mauritania.

Average Trading Volume: 2,504,235

Technical Sentiment Signal: Strong Sell

Current Market Cap: £25.63M

See more insights into CHAR stock on TipRanks’ Stock Analysis page.