May 18, 2017 - 3:53 AM EDT
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Karoo Energy Plc - Placing of £481,010


(“Karoo Energy” or the “Company”)

18 May 2017 

Placing to Raise £481,010

Karoo Energy is pleased to announce that Peterhouse Corporate Finance Limited (“Peterhouse”) has raised £465,000 gross of expenses, for the Company through the issue of 15,500,000 new ordinary shares in the Company (“Placing Shares”) at a price of 3 pence per Placing Share (the “Placing”).

Placees will also receive one warrant for every one Placing Share subscribed for. The warrants have an exercise price of 6 pence each, and are exercisable at any time for 36 months from the date of this announcement.

Further, the Company announces that it had raised £16,010 gross of expenses, through the issue of 533,667 new ordinary shares at a price of 3 pence per share, completed prior to the Placing undertaken by Peterhouse.

Use of Proceeds:

The funds will be used to further progress exploration activities on the Company’s Botswana licences, with a particular focus on shale gas licences.


“Through our 93.48% owned subsidiary, Equatorial Oil & Gas plc, we are progressing our petroleum exploration licences. The licences are prospective for shale gas deposits and we look forward to updating shareholders with positive news. We continue to be cognisant that exploration for shale gas in the region must only occur in a socially and environmentally responsible manner, and will ensure steps are taken to fully respect the operating environment at all times.”

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that it has 203,734,975 ordinary shares of 0.25p each in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

The above figure of 203,734,975 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

   The Directors of the Company accept responsibility for the contents of this announcement.



Noel Lyons

020 3130 0674

Corporate Adviser

Peterhouse Corporate Finance Limited

Guy Miller / Mark Anwyl

Telephone: 020 7220 9796

Source: PR Newswire (May 18, 2017 - 3:53 AM EDT)

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