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RNS Number : 8647G
Oracle Power PLC
01 April 2022
 

 

1 April 2022

 

Oracle Power PLC

("Oracle", the "Company" or the "Group")

 

Placing to raise £800,000 to support Green Hydrogen Project Development

 

Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that it has successfully raised gross proceeds of £800,000 by way of a placing of 246,153,846 new ordinary shares of 0.1p each in the Company ("Ordinary Shares") (the "Placing Shares") through Monecor (London) Limited trading as ETX Capital ("Monecor") at a price of 0.325p per Ordinary Share (the "Placing Price") (the "Placing").

 

The net proceeds of the Placing are expected to be primarily applied to support the advancement of the Company's green hydrogen project through the joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum (through his wholly owned company, Kaheel Energy Limited), as was announced on 30 March 2022.  The joint venture company, Oracle Energy Limited, will be focused on investing in and developing a facility for the manufacture of green hydrogen in the Province of Sindh, Pakistan.  As previously announced, Oracle Energy Limited, will be funded on a 70:30 basis by Kaheel Energy Limited, and Oracle Power respectively and the funds raised today are expected to be used primarily to accelerate the advancement of the green hydrogen project through the joint venture.

 

The Company has entered into a placing agreement dated 31 March 2022 (the "Placing Agreement") with Monecor pursuant to which they, as agents for the Company, have procured placees for the Placing Shares at the Placing Price. The Placing Agreement is conditional on Admission (as defined below).

 

Monecor may terminate the Placing Agreement in specified circumstances (including for breach of warranty at any time prior Admission, if such breach is reasonably considered by Monecor  to be material in the context of the Placing) and in the event of a force majeure event occurring at any time prior to Admission.

 

Naheed Memon, CEO of Oracle, commented:

 

"We have been clear in our intention to rapidly move our green hydrogen ambitions forward and today's placing, will enable us to do just that through our newly established joint venture.  Importantly, this fundraising will support our funding for Oracle Energy, ensuring that we are well positioned to make good headway with this significant strategic project without delay.  In a world where energy security and competitiveness has never been so important, we believe we have a prime source for green and affordable power and we are committed to expediting its development."

 

 

Admission to Trading and Total Voting Rights

 

Application will be made for the Placing Shares, which will rank pari passu with the existing ordinary shares, to be admitted to trading on AIM, with admission expected to become effective on 7 April 2022 ("Admission").

 

Following the Placing, the total issued share capital of the Company will be 2,896,479,558 ordinary shares, with no shares in Treasury. Therefore, the total current voting rights in the Company following Admission will be 2,896,479,558 and this figure 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 in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

 

*ENDS*

 

For further information:

Oracle Power PLC

Naheed Memon - CEO

+44 (0) 203 580 4314

Strand Hanson Limited (Nominated Adviser)

Rory Murphy, James Harris, Rob Patrick   

+44 (0) 20 7409 3494

Shard Capital (Broker)

Damon Heath, Isabella Pierre     

+44 (0) 20 7186 9952

St Brides Partners Limited (Financial PR)

Susie Geliher, Selina Lovell

+44 (0) 20 7236 1177

 

About Oracle Power PLC:

 

Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market.  The Company holds two highly prospective gold assets in two globally significant gold regions of Western Australia.  The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia, and the Jundee East Gold Project is located ~9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines.

 

The Company is also active in the power industry in Pakistan and is working to establish a green hydrogen production facility in the Sindh Province through its joint venture company, Oracle Energy.  The Company's initial project is the Thar Block VI Project in south-east Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.

 

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