Reabold Resources plc has raised £686,800 via a conditional subscription for 686,800,000 new ordinary shares of 0.1 pence each in the company, at 0.1 pence per share.
DIRECTORS
The company has also proposed a share consolidation, subject to shareholder approval.
The subscription adds to the £1.51 million and £1.9m raised during March 2026, and takes the total to £4.1m.
Each subscription share issued has 1.25 warrants attached, which are convertible to one new ordinary share, at an exercise price of 0.11 pence per share.
The terms are the same as the two March fundraises.
Certain directors and persons closely associated (PCA) with them participated in the subscription for a total of £282,000.
The company said it was in “advanced discussions” with other investors who intend to subscribe for new ordinary shares to raise up to a further £260,000.
The sum includes a proposed further investment of £75,000 by Reabold co-chief executive officer Sachin Oza for 125 million new ordinary shares.
On admission he will have 423,720,298 shares, representing 2.96% of Reabold, along with 156,250,000 warrants.
The company added that Mr Oza’s subscription was due to happen after the “expected liquidation of certain non-cash assets that could not be liquidated in time to participate further in the subscription”.
Co-CEO Stephen Williams subscribed for 50m shares and will have 228,211,060 shares and 62.5m warrants.
Non-executive director Mike Felton subscribed for 35m shares, taking his interest to 93,572,605 shares and 43,750,000 warrants.
NED Marcos Mozetic subscribed for 22m shares and will have 26,545,454 shares and 27.5m warrants.
Krish Oza, PCA of Sachin Oza, subscribed for 40m new shares and will also have 50m warrants.
Ishaan Oza, PCA of Sachin Oza, subscribed for 10m new shares and will also have a total of 12.5m warrants.
CONSOLIDATION
The proposed share consolidation is on a basis of 1,000 existing shares for one new ordinary share of £1, effective on 28 April.
As of 10 April 2026, Reabold had an estimated 13,614,413,490 ordinary shares in issue.
The company also plans to adopt new articles of association, to take into account the change in the nominal value of the ordinary shares following the consolidation.
Shareholders are due to vote on the fundraise and share consolidation at a general meeting on 27 April 2026.
Reabold holds onshore gas interests in the West Newton joint venture, UK; the Colle Santo field, Italy; Parta, Romania; and California, USA.