Chariot Oil & Gas Ld Completion of Acquisition of AEMP (2832A)
June 01 2021 - 1:00AM
UK Regulatory
TIDMCHAR
RNS Number : 2832A
Chariot Oil & Gas Ld
01 June 2021
1 June 2021
Chariot Oil & Gas Limited
("Chariot" or the "Company")
Completion of the Acquisition of Renewable and Hybrid Power
Developer focused on Mining Sector in Africa
Chariot (AIM: CHAR), the Africa focused transitional energy
group, is pleased to announce that further to the announcement on
23 March 2021 in respect of the acquisition of the business of
Africa Energy Management Platform ("AEMP") all conditions in the
share purchase agreements and other related transactions agreements
have now been satisfied and completion of the transaction is
expected imminently.
Initial consideration payable on completion of the share
purchase agreement is US$1.16 million in Chariot Ordinary Shares
based on the 30-day VWAP prior to the signing of the SPAs
(representing 9,196,926 shares) and US$0.09 million in cash.
Adonis Pouroulis, Acting CEO of Chariot, commented:
"I am delighted that our acquisition of AEMP will complete
imminently. The launch of Chariot Transitional Power places the
Company in a unique position in the market. This acquisition will
see us work with our partner, Total Eren, to provide clean,
sustainable, and more competitive energy to operational mines in
Africa. A market of significant scale, that is largely untapped,
where Chariot's management has a deep understanding and high-level
commercial networks.
The focus on transitional energy can also be seen at our Anchois
gas discovery, where Chariot has the potential to provide the
Kingdom of Morocco with natural gas, enabling the country to
achieve its target of decarbonising its economy and reducing its
dependence on imported fuels.
Following the completion of the fundraise, which is subject to
shareholder approval at the forthcoming General Meeting, Chariot
will occupy an exciting inflexion point in its history. The Board
and management team continue to be fully aligned with our investors
and we remain focused on delivering value for all our stakeholders.
I look forward to keeping the market updated on the Company's
progress throughout the rest of 2021. "
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
For further information please contact:
Chariot Oil & Gas Limited
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Joint Broker)
Christopher Raggett (Corporate Finance)
Andrew Burdis (ECM) +44 (0)20 7220 0500
Peel Hunt (Joint Broker)
Richard Crichton
David McKeown +44 (0)20 7418 8900
Celicourt Communications (Financial PR)
Mark Antelme
Jimmy Lea +44 (0)20 8434 2754
NOTES FOR EDITORS
ABOUT CHARIOT
Chariot is an African focused transitional energy group. Its
current business stream, Chariot Transitional Gas, is a high value,
low risk gas development project with strong ESG credentials in a
fast-growing emerging economy with a clear route to early
monetisation, delivery of free cashflow and material exploration
upside.
On completion of the acquisition of AEMP, Chariot will have a
second business stream, known as Chariot Transitional Power,
looking to transform the energy market for mining operations in
Africa, providing a giant largely untapped market with cleaner,
sustainable, and more reliable power.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM Market of the London Stock Exchange
under the symbol 'CHAR'. Subject to approval by Shareholders, the
Company intends to change its name from Chariot Oil & Gas
Limited to Chariot Limited.
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END
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