Chariot Limited Raises $5.5 Million in Oversubscribed Share Placing

An announcement from Chariot Oil & Gas ( (GB:CHAR) ) is now available.

Chariot Limited has successfully raised net proceeds of US$5.5 million through an oversubscribed placing and subscription of new ordinary shares, with plans to raise an additional US$1 million through an open offer. The funds will be used to secure Chariot’s stake in wind generation, gas, and new upstream assets, as well as to strengthen the company’s balance sheet for executing its updated strategy. This includes the demerger of its Renewable Power pillar to unlock value and facilitate further growth. The fundraising reflects strong shareholder support and positions Chariot to advance its plans in both its Upstream and Renewable Power businesses.

The most recent analyst rating on (GB:CHAR) stock is a Buy with a £33.00 price target. To see the full list of analyst forecasts on Chariot Oil & Gas stock, see the GB:CHAR Stock Forecast page.

More about Chariot Oil & Gas

Chariot Limited is an Africa-focused transitional energy group with two main business streams: Upstream Oil and Gas and Renewable Power. The company is engaged in building a full-value chain upstream growth business within Africa, with a diverse footprint in Morocco. Chariot is also involved in generating and trading renewable power in South Africa and developing power-to-mining and water projects across the continent. Additionally, Chariot is advancing its green hydrogen asset, Project Nour in Mauritania, and a 1 MW electrolyser pilot project in Morocco.

Average Trading Volume: 3,037,216

Technical Sentiment Signal: Sell

Current Market Cap: £17.34M

Find detailed analytics on CHAR stock on TipRanks’ Stock Analysis page.