RE: EOG JV10 Feb 2026 08:39
GM Approval (~27 Feb 2026)
Total shares in issue: 971 M today
Fundraise: Conditional placing of 291,667,000 new shares at 1.2 p per share, raising ~£3.5 m before expenses.
291 M new shares = ~30% of total shares; low-liquidity market → significant overhang.
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Warrants: One warrant issued for every four placing shares (exercise price 2 p, expires 2 years after Admission).
Broker Warrants: 10,208,345 warrants to Tennyson Securities, exercisable at the issue price, three-year expiry.
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Conditions: Placement is conditional on shareholder approval at the GM (~27 Feb 2026) and other placing agreement terms.
Use of Proceeds: Extend cash runway, fund drilling of Barracuda prospect, and support working capital.
Admission: Shares expected to trade on AIM from 3 March 2026, latest by 31 March 2026, conditional on approval and placement terms.