Chariot Wins Shareholder Backing for $24.3m Fundraise to Support Angola Expansion

The latest announcement is out from Chariot Oil & Gas ( (GB:CHAR) ).

Chariot Limited has secured shareholder approval for a US$24.3 million equity fundraising, comprising an oversubscribed placing, subscription and open offer, alongside the issue of an equal number of warrants exercisable at 2.4 pence until April 2029. The new capital strengthens the company’s balance sheet and underpins its strategy of scaling African energy operations.

The proceeds will partly finance Etu Energias S.A.’s acquisition of a working interest in offshore Angola assets, cover transaction costs and provide additional working capital. Admission of the 1.29 billion new shares to AIM will raise Chariot’s issued share capital to about 2.87 billion shares, reshaping its ownership base and potentially enhancing liquidity for investors under the FCA’s disclosure regime.

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 energy group with two core divisions in upstream oil and gas and renewable power. Its hydrocarbons business is building a full value chain across Africa with assets in Angola, Morocco and exploration interests in Namibia, while its renewables arm develops power and power-to-mining projects in South Africa and advances the Project Nour green hydrogen venture in Mauritania.

Average Trading Volume: 3,462,929

Technical Sentiment Signal: Strong Sell

Current Market Cap: £25.2M

See more data about CHAR stock on TipRanks’ Stock Analysis page.