Chariot raises £700,000 as warrant holders convert, lifting share count past 3B
What's the deal? Chariot (AIM: CHAR), the Africa-focused energy group, has raised £700,000 (about $939,000) by issuing 28,432,069 new ordinary shares after warrant holders exercised their rights at 1 pence each. Admission to trading on AIM is expected at 8:00 GMT on November 6, 2026.
Why now? The warrants stem from Chariot's February 2026 fundraising, when it raised net proceeds of US$20 million (£14.8 million) to fund its push into producing assets offshore Angola. Investors in that round received one warrant per new share, exercisable at 2.4 pence and expiring in April 2029.
What's the endgame? Chariot runs two segments: upstream oil and gas in Morocco and Angola, and renewable power in South Africa. It has been repositioning around increasing its economic exposure to Angolan oil interests, while seeking partners for its Moroccan gas portfolio and planning to realise value from its renewables business.
By the numbers: The exercise lifts Chariot's total issued share capital to 3,054,468,132 shares, with no shares held in treasury. That figure sets the threshold shareholders must use for disclosure under the Financial Conduct Authority's rules.
The signal: This is incremental funding, not a fresh institutional round, and it dilutes existing holders. Its main value is as added cash and a sign that some warrant holders are willing to convert — modest beside the £14.8 million raised earlier this year.
Read more: kalkinemedia.com, Financial Times
Image credit: Generated with Gemini
