Global Petroleum has announced a successful capital raise of N$35 million to advance its Juno project, ongoing PEL 94 farm-out discussions, license upkeep, and general working capital.
Global Petroleum made this announcement on Tuesday via their company website, following the recent technical discussions with their farm-out partner, which highlighted geological similarities to discoveries in the Orange Basin.
According to the announcement, Global raised £1,500,000 in total before expenses, which is 246% higher than the previous one, by placing 666,666,666 ordinary shares (the “Placing Shares”) at a price of 0.225 pence per share.
This move, according to Global, was to protect shareholder value by providing retail investors with the same terms as our institutional investors.\
The raise came a month after the company completed an airborne Light Detection and Ranging (Lidar) survey for the Juno project in Western Australia, a key step in its ongoing exploration efforts.
The company further stated that the admission of and dealings in the Placing Shares Application will be made to AIM for the Placing Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM (“Admission”). Dealings are expected to commence on or around 13 January 2025 at 8:00 am.
Speaking on the investment, Hamza Choudhry, the CFO of Globa, stated that the company aims to position itself strategically ahead of anticipated developments in the oilfield expected in 2025.
“We are very pleased with the ongoing support from our long-term family office, high-net-worth shareholders, and new investors alike as we progress with the Juno Project and farm-out discussions for PEL 94 in Namibia. Our primary goal is to ensure that our shareholders can maximize their value by securing their participation ahead of upcoming expected developments in 2025. We are excited for the future of Global and believe that we are nearing a transformational period for the company and look forward to sharing this journey with our shareholders,” he said.
Global further announced in January 2025 that it has conditionally raised £51,050 (before expenses) via the conditional issue of 22,688,888 new ordinary shares in the capital of the Company (the “Retail Offer Shares”) at a price of 0.225 pence per share (the “Issue Price”) pursuant to its offer to its existing retail shareholders via CMC CapX (the “Retail Offer”).
