TIDMORCP
RNS Number : 5159D
Oracle Power PLC
22 June 2023
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014, which forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
22 June 2023
Oracle Power PLC
("Oracle", the "Company" or the "Group")
GBP363,000 fundraising to support advancement of the Company's
green hydrogen JV project
Appointment of Joint Broker
Oracle Power PLC (AIM: ORCP) is pleased to announce that it has
successfully raised gross proceeds of, in aggregate, GBP363,000 by
way of a placing of 323,000,000 new ordinary shares of 0.1p each in
the capital of the Company ("Ordinary Shares") (the "Placing") and
a subscription for 40,000,000 new Ordinary Shares (the
"Subscription") both at a price of 0.1p per Ordinary Share (the
"Issue Price") (together, the "Fundraising").
The net proceeds of the Fundraising will be utilised primarily
to support the advancement of the Company's green hydrogen project
(the " Project") via its joint venture with His Highness Sheikh
Ahmed Dalmook Al Maktoum, and for general working capital
purposes.
The funds were raised from both new and existing investors,
including the Company's largest shareholder, His Highness Sheikh
Ahmed Dalmook Al Maktoum through the Subscription. His Highness
also continues to invest significantly and directly in the Project
by funding his 70 per cent. share of the joint venture. The
Fundraising has utilised the Company's remaining headroom for such
share issuance.
Oracle continues to make rapid progress on advancing the
Project. Most recently, Oracle has signed strategic Memoranda of
Understanding ("MoUs") with State Grid Corporation of China through
its subsidiary, to potentially develop, finance, construct, operate
and maintain the Project, and with PetroChina International (Middle
East) Company Limited for the potential future off take of green
hydrogen.
The Fundraising has been arranged through Global Investment
Strategy UK Limited ("GIS") with whom the Company has entered into
a placing agreement dated 21 June 2023 (the "Placing Agreement")
pursuant to which GIS, as agent for the Company, has procured
placees for the 323,000,000 new Ordinary Shares at the Issue Price.
Accordingly, in connection with the Fundraising, GIS will receive
21,780,000 warrants over new Ordinary Shares, exercisable at the
Issue Price for a period of 2 years from the date of the Placing.
GIS has also been appointed as joint broker to the Company with
immediate effect.
Naheed Memon, CEO of Oracle, commented:
" We continue to make significant progress in advancing our
green hydrogen strategy in Pakistan and today's fundraising will
enable us to continue this upward trajectory. The funds raised will
be utilised to support our green hydrogen initiative, whilst also
providing additional working capital to, inter alia, progress our
other portfolio projects . We are very pleased with the continued
support of His Highness, which clearly demonstrates his support for
our green hydrogen project and I look forward to updating the
market in the near future with regard to further developments.
"
Related Party Transaction
His Highness Sheikh Ahmed Dalmook Al Maktoum is a substantial
shareholder of the Company, as defined by the AIM Rules for
Companies ("AIM Rules"), with a current holding of 500,000,000
Ordinary Shares, representing approximately 14.83% of the Company's
existing issued share capital. Accordingly, His Highness Sheikh
Ahmed Dalmook Al Maktoum's additional investment via the
Subscription, representing approximately 11.0% of the Fundraising,
constitutes a related party transaction pursuant to AIM Rule 13.
The Directors of the Company, having consulted with the Company's
Nominated Adviser, Strand Hanson Limited, consider that the terms
of his participation in the Fundraising are fair and reasonable
insofar as the Company's shareholders are concerned. Following
Admission (as detailed below), His Highness Sheikh Ahmed Dalmook Al
Maktoum will be interested in 540,000,000 Ordinary Shares
representing approximately 14.46% of the Company's enlarged issued
share capital.
Admission to Trading and Total Voting Rights
Application will be made to the London Stock Exchange for the
363,000,000 new Ordinary Shares pursuant to the Fundraising (the
"Fundraising Shares") to be admitted to trading on AIM
("Admission"), which will rank pari passu with the existing
Ordinary Shares. Admission is expected to become effective and
dealings in the Fundraising Shares commence at 8.00 a.m. on or
around 27 June 2023.
Following Admission, the total issued share capital of the
Company will be 3,735,415,387 Ordinary Shares, with no shares held
in Treasury. Therefore, the total voting rights in the Company
following Admission will be 3,735,415,387 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 &
Joint Broker)
Rory Murphy / Matthew Chandler / Rob Patrick
Global Investment Strategy UK Limited (Joint
Broker) +44 (0) 207 409 3494
Samantha Esqulant +44 (0) 207 048 9432
Buchanan (Financial PR)
Bobby Morse / Oonagh Reidy / Abigail Gilchrist +44 (0) 207 466 5000
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power
project developer quoted on London's AIM market. The Company
currently has two areas of focus: Western Australia and Pakistan.
The Company is active in the energy industry in Pakistan and is
working to establish a green hydrogen production facility through
Oracle Energy Limited, a joint venture with His Highness Sheikh
Ahmed Dalmook Al Maktoum.
Oracle Energy has been set up as the project development company
and is funded on a 70:30 basis by Kaheel Energy (100% owned by His
Highness Sheikh Ahmed Dalmook Al Maktoum) and Oracle Power
respectively. The project development company provides a vehicle to
support the accelerated development of the green hydrogen project
to meet the growing international and domestic demand for green
hydrogen and clean energy.
The Company also continues to progress the development of its
Thar Block VI Project in south-east Pakistan involving a potential
future mine, power plant and coal gasification operation.
In Australia, its primary focus is the Northern Zone Gold
Project, in partnership with Riversgold Limited, a specialist
mining company listed on the ASX. This 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.
Northern Zone has a current Exploration Target of 200-250Mt at
0.4-0.6g/t Au for between 2.5 - 4.8Moz gold.
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END
IOEDBGDLSBDDGXB
(END) Dow Jones Newswires
June 22, 2023 02:00 ET (06:00 GMT)
Oracle Power (AQSE:ORCP.GB)
過去 株価チャート
から 10 2024 まで 11 2024
Oracle Power (AQSE:ORCP.GB)
過去 株価チャート
から 11 2023 まで 11 2024
