Results of Fundraise
Petro Matad Limited ("Petro Matad" or the "Company") (AIM: MATD), the AIM quoted Mongolian oil company, is pleased to announce that following the accelerated bookbuild which was announced on 14 July 2021, the Company has conditionally raised gross proceeds of US$ 9.7 million through the oversubscribed placing (the "Placing") of, and subscriptions by a director and shareholder of the Company (the "Subscription" or "Subscriptions") for, 200,624,830 new Ordinary Shares ("Placing Shares" and "Subscription Shares") at a price of 3.5p (the "Placing Price") per share.
The Company is also pleased to announce that, following the further announcement made yesterday regarding the launch of a proposed retail offering via PrimaryBid (the "Retail Offer"), it has successfully conditionally placed 14,285,714 new Ordinary Shares (the "Retail Shares") at the Placing Price, raising gross proceeds of approximately US$0.7 million.
Highlights
· The Company has conditionally raised, in aggregate, approximately US$10.4 million at a price of 3.5 pence per new Ordinary Share.
· Petrovis Matad Inc. (a Substantial Shareholder as defined under the AIM Rules) is participating in the Subscription for a total of 43,321,299 New Ordinary Shares with a total value of approximately US$2.1 million.
· Mike Buck, CEO of Petro Matad, is participating in the Subscription for a total of 2,062,919 New Ordinary Shares with a total value of approximately US$100,000.
· Conditionally, in aggregate, a total of 214,910,544 New Ordinary Shares will therefore be issued, representing approximately 24 per cent. of the Enlarged Share Capital.
Mike Buck, CEO of Petro Matad, commented:
"The Board is delighted by the support we have received from new and existing shareholders, and is pleased to welcome a number of new blue chip institutions to the register.
This fundraise will allow us to commence production from the Heron Field, with the completion of the Heron 1 well and the drilling of the H2 and H3 wells."
This Announcement has been approved by the Board of Petro Matad Limited.
