LONDON – Global Petroleum Limited (LSE AIM: GBP) has announced a capital raise of £1.5 million before costs, primarily to fund its Juno Project in Western Australia and other ongoing initiatives. The company has placed 666,666,666 ordinary shares at a price of 0.225 pence per share, expecting trading to commence on or around January 13, 2025.
The Juno Project, where Global is targeting Intrusion Related Gold Systems (IRGS) akin to those found at Havieron and Telfer, is now fully capitalized for its work program, including drilling scheduled for the second half of the year. High-quality aeromagnetic data from late 2024 has confirmed the size and intensity of the magnetic feature at the project site. The 2025 work program will include various surveys, native title agreement, and drilling negotiations.
In Namibia, Global is continuing discussions for a farm-out agreement for its PEL 94 license in the Walvis Basin. The company has extended the December 31, 2024, deadline for signing the farm-out following promising geological assessments that compare the site to discoveries in the Orange Basin.
The retail offer, which is part of the capital raise, allows existing shareholders to participate on the same terms as institutional investors, with the potential to raise up to an additional £250,000 before expenses. CMC Markets (LON:CMCX) UK Plc, operating as CMC CapX, and SI Capital served as the placing agents for the capital raise.
Following the admission of the new shares, the total issued share capital of Global Petroleum will be 4,593,788,456 ordinary shares. Shareholders can use this number as the denominator for calculations related to notifications of interest changes under the FCA's Disclosure Guidance and Transparency Rules.
Hamza Choudhry, CFO of Global Petroleum, expressed satisfaction with the support from shareholders and the progress of the Juno Project and PEL 94 discussions. The company is focused on maximizing shareholder value and is looking forward to a transformational period ahead.
This capital raise initiative is based on a press release statement by Global Petroleum Limited.
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