Placing and Subscription of Ordinary Shares and Publication of AIM Admission Document

Executive Summary

• Oscillate PLC (to be renamed Serval Resources plc) conditionally raised £2.9 million gross by placing 12,997,761 new ordinary shares at 22.5 pence each and announced a further retail offer of up to £300k.
• The fundraising is tied to the conditional acquisition of Kalahari Copper Ltd, a 50:1 share consolidation, and admission of the enlarged share capital to AIM (with simultaneous withdrawal from the AQSE Growth Market).
• Net proceeds (~£2.0 million) are earmarked for exploration work in Namibia and Botswana, corporate overheads, regulatory costs and working capital; the transaction also includes appointment of a non‑executive director and a proposed name change.

Key Details

• Fundraising structure: Placing & subscription of 12,997,761 “Fundraising Shares” at £0.225 per share (gross £2.9 m, net ≈£2.0 m after ~£0.9 m listing expenses).
• Retail offer (WRAP): Up to 1,333,333 shares at the same price, targeting an additional £300k gross.
• Share consolidation: 50 existing ordinary shares will be exchanged for 1 new ordinary share; post‑consolidation total of New Ordinary Shares ≈ 8,508,799.
• Use of net proceeds (£2.0 m):
• Corporate overheads – £0.7 m
• Ongoing regulatory costs – £0.2 m
• Namibia exploration programme – £0.6 m (geophysics, drilling, environmental work)
• Botswana exploration programme – £0.4 m (geophysics, soil sampling, compliance)
• Working capital – £0.6 m
• Conditional acquisition: Purchase of Kalahari Copper Ltd (all issued shares), giving control of licences in Namibia’s Kaoko Basin and Botswana’s Kalahari Copper Belt. Completion contingent on General Meeting resolutions (24 Apr 2026).
• AIM admission: Publication of AIM Admission Document (31 Mar 2026); expected admission and start of trading on AIM at ~08:00 BST on 27 Apr 2026, concurrent cancellation of AQSE Growth Market listing.
• Board change: Proposed appointment of Andrew Benitz as Non‑Executive Director upon acquisition completion.
• Name change: Company to rename from Oscillate PLC to Serval Resources plc pending shareholder approval.
• General Meeting: Scheduled for 10:00 BST on 24 Apr 2026 at Simmons & Simmons LLP, London – to seek approvals for acquisition, fundraising, share consolidation, name change and new articles.

Notable Quotes

“This is a transformational transaction which will establish the Company with a large position within two highly prospective, under‑explored and emerging copper belts in Namibia and Botswana… Oscillate PLC through its Serval Resources brand is now primed for the next phase of the Company's evolution…” – Robin Birchall, CEO