Armstrong Teasdale’s U.K. Capital Markets team recently advised its long-standing client Baron Oil Plc (Baron Oil) on its equity fundraising of £3 million (before expenses) by way of an oversubscribed placing and subscription at a price of 0.05 pence per new ordinary share (Issue Price).

Allenby Capital Limited and Cavendish Capital Markets Limited acted as joint brokers in connection with the placing.

In addition, the AT team advised Baron Oil in connection with a separate retail offer (WRAP Retail Offer) launched to existing shareholders through the Winterflood Retail Access Platform. This gave existing shareholders an opportunity to participate in the fundraise at the Issue Price. The WRAP Retail Offer raised approximately £260,000 (before expenses).

Joan Yu, Head of U.K. Capital Markets at Armstrong Teasdale, commented:

“We are delighted to have advised Baron Oil with another successful fundraising. We look forward to an exciting and prosperous year for Baron in 2024.”

Yu led the transaction assisted by Armstrong Teasdale Solicitor Cameron Sutton and Trainee Solicitor Anna Logue.

Baron CEO Andy Yeo commented:

"This funding, in conjunction with our existing available cash, will allow us to push on with the preparations for the drilling of the Chuditch-2 appraisal well planned for Q4 2024. These preparations will also include progressing drill financing. In a drilling success case, we expect to be able to validate a significant resource to create real value for shareholders.

As the Company values its retail shareholder base, we are also pleased to be able to announce a retail offer via the Winterflood Retail Access Platform for existing shareholders."