Eco Atlantic Oil & Gas Ltd. announced on 19 October 2026 that it has satisfied every condition required for its previously disclosed equity raise, apart from the formal admission of the new shares to the London-based AIM market. The company will list the freshly issued stock at 8:00 a.m. British Summer Time on 20 October 2026.
Subscription completed and shares priced
The non-brokered subscription involved the issuance of 18,000,000 new common shares at an issue price of 32.5 pence per share (equivalent to CAD 0.61). The transaction represents a total gross cash inflow of roughly US$7.7 million. All conditions set by the TSX Venture Exchange (TSX-V) have been met, allowing the company to move forward with the listing on AIM.
Who subscribed and why
The new shares were taken up exclusively by two existing shareholders. Jerusalem Report Publications Limited an Israeli investment vehicle controlled by Eli Azur, holds a portfolio that includes an estimated 25 % stake in Tamar Petroleum Ltd., a partner in the Tamar offshore gas project in the Eastern Mediterranean. The second subscriber, Agility Fund Management is recognised as one of Israel’s leading hedge-fund managers. Both parties opted for the subscription to deepen their exposure to Eco Atlantic’s emerging Atlantic-margin assets.
Financial impact and asset portfolio
The net proceeds from the subscription will be directed toward strengthening Eco Atlantic’s balance sheet and advancing its portfolio of offshore licences. The company currently operates a 100 % working interest in the 1,354 km² Orinduik Block in Guyana’s proven Guyana-Suriname basin. In Namibia, Eco Atlantic holds operatorship and an 85 % working interest across three licences—PEL 97, 99 and 100—covering a combined area of 22,893 km² in the Walvis Basin, which will be reduced to a 25 % interest after a pending farm-down to BP. In South Africa, the group maintains a 5.25 % interest in Block 3B/4B and a 37.5 % interest in Block 1 CBK within the Orange Basin, together accounting for roughly 37,510 km².
Post-admission share structure
Following the AIM admission, Eco Atlantic’s issued share capital will total 367,709,027 common shares each carrying a single voting right. The company holds no treasury shares, meaning the total voting power remains identical to the share count. This figure serves as the denominator for shareholders to determine whether any change in their holdings triggers a notification requirement under securities regulations.
Regulatory notes and forward-looking statements
The newly issued securities have not been, and will not be, registered under the U.S. Securities Act of 1933 or under Canadian securities legislation; consequently, they may not be offered or sold in the United States or Canada without a qualifying exemption. The company also issued the customary disclaimer that the announcement contains forward-looking information based on management’s expectations as of the announcement date, and that actual results may differ due to a range of risks, including delays in regulatory approvals or changes to the exploration program.
