Placing to raise £3,500,000

RNS Number : 5670J

Clontarf Energy PLC

27 April 2022

 

27th April 2022

Clontarf Energy plc

("Clontarf" or "the Company")

Placing to raise £3,500,000

The Directors of Clontarf (AIM: CLON) are pleased to announce that the Company has raised £3,500,000 (before expenses) via the placing of 1,400,000,000 ordinary shares (the "Placing Shares") with new investors, via several Australian based brokers, at a price of 0.25p per Placing Share (the "Placing").  The Placing Shares represent approximately 61.65% of the Company's issued share capital as enlarged by the Placing.

The net proceeds of the Placing will fund costs associated with the Company's existing assets and will also provide the Company with additional working capital, as the Company's board continues to assess new projects. In this regard, the Company has been evaluating a number of different projects across various jurisdictions, in particular advanced gas exploration prospects in Australia.

The Placing shares will rank pari passu with the Company's existing ordinary shares of 0.25p each (the "Ordinary Shares").  Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will become effective on or around 4^th May 2022.

David Horgan, Chairman commented,

"In recent months we have been actively reviewing a series of oil and gas proposals including undertaking preliminary due diligence on some, only to discard them. We are currently at an advanced stage in examining late stage gas exploration prospects in Australia and I look forward to providing further updates on this as and when appropriate.

New exploration requires investment. The current capital raise from a number of brokers will provide the necessary funding to participate in new exploration ventures."

Admission and TVR

Following the Admission of the Placing Shares, there will be a total of 2,270,826,117 Ordinary Shares in issue with each share carrying the right of one vote.  The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Ends

For further information please visit http://clontarfenergy.com   or contact:

Clontarf Energy David Horgan, Chairman John Teeling, Director	[phone]
Nominated & Financial Adviser Strand Hanson Limited Rory Murphy Ritchie Balmer	[phone]
Broker Novum Securities Limited Colin Rowbury	[phone]
BlytheRay - PR Megan Ray	[phone] [phone]

Teneo Luke Hogg Alan Tyrrell Ciara Wylie

[phone] [phone]

 

END

 

 

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