Beacon Energy PLC (AIM:BCE) Result of oversubscribed Fundraise to raise £4.3m

Beacon Energy plc (AIM: BCE), the full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its wholly-owned subsidiary, Rhein Petroleum GmbH, is pleased to announce, further to its announcement of 14 September 2023, that it has successfully completed its oversubscribed Placing with new and existing institutional investors and PrimaryBid Offer, which have now closed.  

The Company has raised, in aggregate, approximately £4.3 million (before expenses) via the issue of 2,667,000,000 Placing Shares and 200,000,000 PrimaryBid Shares at the Issue Price (together, the “Fundraise Shares”). 

The Placing was undertaken through an accelerated bookbuilding process managed by Tennyson Securities.  

Larry Bottomley, CEO of Beacon Energy, commented: 

“We are delighted to have received such strong support in this process from both existing and new investors. The Fundraise was significantly oversubscribed, bringing a number of new high quality institutional investors onto the shareholder register – a testament to the quality of the Company’s asset base and the scope for material value creation. The fundraise provides welcome additional working capital to support bringing the SCHB-2(2.) well into commercial production. We would like to thank our new and existing investors for their support and look forward to providing further updates on our operational progress in due course.”

Admission and Total Voting Rights

The Placing and PrimaryBid Offer are conditional on the admission of the Fundraise Shares to trading on AIM (“Admission”). Application has been made to the London Stock Exchange for Admission of the 2,867,000,000 Fundraise Shares. Subject to the Placing Agreement not having been terminated in accordance with its terms, it is anticipated that Admission will occur at 8.00 a.m. on or around 20 September 2023. The Fundraise Shares will rank pari passu with the existing Ordinary Shares.

Upon Admission, the Company will have 13,374,679,620 Ordinary Shares in issue. From Admission, this 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 a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules. The Fundraise Shares will represent, in aggregate, approximately 21.4 per cent. of the Companys enlarged share capital on Admission. The Company holds no Ordinary Shares in Treasury.

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