In accordance with their strategy to focus on growth through acquisition or farm-in to oil and gas projects, Beacon Energy entered into the Sale and Purchase Agreement with Tulip Oil Holdings B.V. and Deutsche Rohstoff A.G., as announced on 16 December 2022. Pursuant to the SPA, the Company has conditionally agreed to acquire 100 per cent. of the share capital of Rhein Petroleum GmbH for a consideration of 3,488,549,633 new Ordinary Shares in the Company plus contingent “earn out” consideration based on future production and exploration.
The net proceeds of the Fundraise are estimated at £4.77 million. The net proceeds together with the Company’s existing cash resources will be used to fund the drilling of the SCHB-2 development well onshore Germany and for general working capital requirements.
Acquisition, Fundraise and Admission to AIM
On 11th April 2023 admission of the Enlarged Share Capital and dealings commenced on AIM by way of a Placing of 5,491,516,026 Fundraise Shares, a Primary Bid Offer and the subscription and the issue of the Director and Adviser Fee Shares at the Fundraise Price of 0.11 pence to raise total gross proceeds of £6.04 million.
Admission has been sought as a result of a reverse takeover in accordance with AIM Rule 14.
The Perivan shareholder communications team was delighted to work with Strand Hanson who acted as Financial and Nominated Adviser to Beacon on the successful production and publication of the 258-page Acquisition, Fundraise and Admission Document.
To view the full Admission Document, click here.
Perivan is the market leader for IPO admission document production and specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds.