Block Energy plc has raised £1,499,974 via an institutional placing of, and direct subscriptions for, a total 214,282,000 new ordinary shares of 0.25 pence each, at an issue price of 0.7 pence per share.
TVRs
The company, with oil and gas assets in Georgia, said the fundraise had attracted strong demand from new and existing investors.
The fundraise, which is Block’s first since 2020, includes the issue of one warrant for every two ordinary shares subscribed, for an aggregate 107,141,000 warrants, subject to shareholder approval.
The warrants will have an exercise price of one pence per share and a 12-month exercise period from admission.
Net proceeds will support farm-outs, new ventures within Georgia and internationally, and the company’s carbon capture storage project.
Following admission, Block’s enlarged issued ordinary share capital will comprise 986,935,343 ordinary shares.