Armstrong Teasdale Advises Baron Oil Plc in Successful £3 Million Fundraising
Armstrong Teasdale’s U.K. Capital Markets team advised AIM-quoted oil and gas exploration company Baron Oil Plc (Baron Oil), on its placing and subscription of new ordinary shares to raise £3 million (before expenses) (Fundraising). The Fundraising was carried out in two tranches: £762,500 was raised using existing shareholder authorities with a further £2,237,500 raised conditional upon, amongst other matters, obtaining approval from Shareholders of the necessary resolutions at a General Meeting to authorise the Directors to allot and issue the second tranche of Fundraising shares on a non-preemptive basis. The shareholder resolutions were duly passed at the General Meeting held on 12 April 2021.
Baron Oil currently expects to apply 65% of its 2021 expenditure to the Chuditch PSC Project located in Timor-Leste, 5% to its other oil and gas assets in Peru and the U.K., and 30% to its general and administrative costs.
Joan Yu, Partner and U.K. Head of Capital Markets at Armstrong Teasdale, commented: “We are delighted to assist long-standing client Baron Oil with its successful raising and look forward to its continued development of its interest in the Chuditch PSC Project.”
The Armstrong Teasdale team was led by Joan Yu, who was assisted by Paralegal Satish Sangha from the U.K. Capital Markets team.