Baron Oil PLC (AIM:BOIL) Results of REX Retail Offer

Result of Fundraise


Total Voting Rights

Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration and appraisal company, is pleased to confirm, further to the announcements made on 15 November 2022, the completion of its Fundraise at the Issue Price of 0.12 pence per share. The Company announces that it has raised aggregate gross proceeds of approximately £0.36 million pursuant to the REX Retail Offer, alongside the previously announced Placing and Subscription. Accordingly, the Company will issue a total of 302,856,299 new Ordinary Shares at the Issue Price pursuant to the REX Retail Offer.

In total, the Placing and Subscription and the REX Retail Offer have raised gross proceeds of approximately £5.36 million for the Company, via the Placing and Subscription of 4,166,666,667 Placing and Subscription Shares and the 302,856,299 REX Retail Shares to be issued pursuant to the REX Retail Offer.

Andy Yeo, CEO of Baron, commented:

“Baron greatly values its retail shareholder base and believes that, given the size of the main Placing and Subscription which was announced yesterday conditionally raising £5 million gross for the Company, it was appropriate to provide our existing retail shareholders with the opportunity to participate on the same terms via the REX Retail Offer. This has provided additional funds of approximately £0. 36 million for Baron as we move into 2023.”

Admission and Total Voting Rights

Application has been made for the Placing and Subscription Shares and the REX Retail Shares to be admitted to trading on AIM (“Admission”) and the date on which Admission is expected to become effective is on or around 29 November 2022.

Upon Admission, the Company’s issued ordinary share capital will consist of 18,920,260,428 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, from Admission the total number of Ordinary Shares and voting rights in the Company will be 18,920,260,428 . With effect from Admission, this figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Terms used but not defined in this announcement have the same meaning as set out in the Company’s announcement released at 07:00 on 15 November 2022.

For further information, please contact:

Baron Oil Plc

+44 (0) 20 7117 2849

Andy Yeo, Chief Executive

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