Placing to raise £250,000

RNS Number : 5022K

Clontarf Energy PLC

22 September 2016

 

22^nd September 2016

Clontarf Energy plc

("Clontarf" or "the Company")

Placing to raise £250,000

The Directors of Clontarf (AIM: CLON) are pleased to announce that, in response to exceptional institutional demand, the Company has raised £250,000 (before expenses) via the placing of 47,619,048 ordinary shares (the "Placing Shares") with new and existing investors at an increased price of 0.525p per Placing Share (the "Placing").  The Placing Shares represent approximately 8.18% of the Company's issued share capital as enlarged by the Placing.

The net proceeds of the Placing will fund any costs associated with the ongoing negotiations regarding the Company's Ghanaian assets and will also provide the Company with additional working capital, as the Company's board continues to assess new projects in areas which may become available for exploration.

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 27^th September 2016.

Following the Admission of the Placing Shares, there will be a total of 581,844,829 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 plc

John Teeling, Chairman                                                              [phone]

David Horgan, Director

Nominated Adviser and Broker

Northland Capital Partners Limited

David Hignell / Gerry Beaney (Corporate Finance)                     [phone]

John Howes (Broking)

Public Relations

Blytheweigh                                                                                [phone]

Tim Blythe                                                                                    [phone]

Camilla Horsfall                                                                           [phone]

Nick Elwes                                                                                    [phone]

Rachael Brooks

Jonathan Garfield

PSG Plus

Colm Heatley                                                                                [phone]

Alan Tyrrell                                                                                   [phone]

 

END

 

 

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