- Reabold Resources
- 13 March 2026 13:36:32
Source: Sharecast
The AIM-traded company said the investor group, led by Rohan Oza, agreed to subscribe for 1.9 billion new ordinary shares at a placing price of 0.1p per share, matching the company’s closing mid-market price on 12 March.
It said the subscription would raise gross proceeds of £1.9m and was conditional on shareholder approval at a general meeting as well as the company securing a further £1.1m in additional funding before 12 May.
Reabold said the investment was intended to act as the cornerstone of an extended fundraising on the same terms, with the proceeds primarily earmarked to progress the West Newton project in the UK.
Funds would be used to support both Reabold’s and partner Rathlin Energy’s share of the planned recompletion of the A-2 well, which was expected to take place in the coming months.
Participants in the subscription and wider fundraising would receive 1.25 warrants for each new share issued, exercisable at 0.11p per share.
The company said the structure was intended to provide access to additional capital if the A-2 recompletion was successful and allow the project to move toward early production.
Co-chief executive Sachin Oza said the commitment from the investor group came at a pivotal moment for the company.
“We are delighted to receive the commitment from this group of high quality and high profile strategic investors into Reabold at what is an extremely exciting time for the company.
“We know that our European gas assets have significant value, and a critical role to play in providing reliable domestically sourced energy against the backdrop of tragic global events, which make it ever more obvious that European countries must reduce reliance on imports and promote their indigenous supply.
“With the backing of our new investor group we have greatly enhanced our ability to progress our highly valuable portfolio and create substantial value for shareholders, whilst also contributing significantly to European energy security.”
Oza said the funding would allow work to move forward at West Newton following the receipt of environmental permits for stimulation operations at the A-2 well.
“Having recently received the required environmental permitting to conduct stimulation operations at the A-2 well, this funding will allow the JV to move ahead with operations in the coming months, which will be a key step in unlocking the inherent value in our flagship project at West Newton.”
At 1254 GMT, shares in Reabold Resources were up 8.4% at 0.11p.
Reporting by Josh White for Sharecast.com.