Issue of New Shares to Raise ?3m

RNS Number : 9574O

Baron Oil PLC

12 August 2014

 

Baron Oil plc

("Baron Oil" or "the Company")

Issue of new Shares to Raise £3 million

Baron Oil, the AIM listed independent oil and gas exploration and production company, primarily focused on opportunities in Latin America, is pleased to announce that it has raised £3 million, before expenses, by way of a placing of 206,896,551 new ordinary shares of the Company ("Placing Shares") at a placing price of 1.45p per share (the "Placing").  The Placing Shares have been placed unconditionally save for their admission to trading on AIM ("Admission").  Application for Admission will be made and it is expected to take place on or about 19 August 2014.  

The net proceeds of the Placing will be used for general working capital purposes. 

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing issued ordinary shares in the capital of the Company.  The Placing Shares will together represent approximately 15.03 per cent. of the Company's enlarged issued share capital and the total number of shares in issue following completion of the Placing will be 1,376,409,576.

For further information:

Baron Oil Plc

Rudolph Berends (Chairman & CEO)                              Tel: [phone]

Cantor Fitzgerald Europe 

Nominated Adviser and Joint Broker

Sarah Wharry (Corporate Finance)                                 Tel:  [phone]

Richard Redmayne / David Banks (Corporate Broking)

 

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