Pharos Energy plc (LSE: PHAR.L), the Asia-MENA focussed independent oil and gas exploration and production company, is pleased to announce the successful completion of the Placing of new Ordinary Shares announced yesterday (the \u201cPlacing Announcement\u201d) as well as the concurrent Subscription and Retail Offer as defined below (together the \u201cFundraise\u201d).<\/p>\n
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 (\u00a38.6 million).<\/p>\n
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 (\u00a35.9 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 (\u00a31.7 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 (\u00a30.9 million).<\/p>\n
The Placing Price of 19.25 pence represents a discount of approximately 9.8 per cent. and a 1.2 per cent. premium to the 30-day VWAP to the closing price on 21 January 2021, the last trading day prior to the announcement of the Fundraise.<\/p>\n