Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration and production company, focused on opportunities in SE Asia, Latin America and the UK notes that on 21 February 2020 it will be posting its circular to shareholders setting out details of a general meeting to be held at 200 Strand London WC2R 1DJ at 11 a.m. on 10 March 2020 ("GM") in connection with its conditional Placing and Subscription to raise £2.5 million (gross) at a price of 0.1p per New Ordinary Shares (the "Circular").
Further to the Company's announcement of 14 February 2020, as part of the Placing arrangements Turner Pope Investments (TPI) Limited, have been granted 36,785,714 Warrants relating to Tranche 1 of the Placing Shares; a further 80,339,286 Warrants relating to Tranche 2 of the Placing Shares will be granted on the passing of the requisite resolutions at the GM. Both sets of Warrants have a three year life from the date of the Admission of the relevant New Ordinary shares with each warrant conferring a right to acquire a New Ordinary Share at 0.1p.
The Government, through UK Financial Investments, have previously sold tranches @ 330p in 2015 & 271p in 2018 against public backlash but in hindsight being pretty shrewd - therefore it appears to be happy to dispose shares at a significant loss around these levels.
And of course whilst this is allegedly going on the EUA staff who would be closest to the truth & fullt involved still had time to exercise options to purchase shares post suspension - They would hardly do that if there was anything but good news in the pipeline.
Good to see "Blue Chip" Santander becoming involved "bridging" the Grant funding. Their DD is now very rigorous & I guess they are looking to forge a long term relationship with WRES in order to refinance the entire debt upon proven production figures. IMHO.