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Oracle Power PLC
05 August 2022
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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).
5 August 2022
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Successful GBP500,000 Placing 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 GBP500,000 by way of a placing of
181,818,182 new ordinary shares of 0.1p each in the Company
("Ordinary Shares") (the "Placing Shares") at a price of 0.275p per
Ordinary Share (the "Placing Price") (the "Placing").
The net proceeds of the Placing will be primarily applied to
support the advancement of the Company's green hydrogen project
(the "Project") through the joint venture with His Highness Sheikh
Ahmed Dalmook Al Maktoum (through his wholly owned company, Kaheel
Energy Limited).
As announced on 3 August 2022, the Project has progressed
significantly with the recent receipt of a letter from the
Directorate of Alternative Energy of the Government of Sindh
confirming that it will issue a Letter of Intent regarding this
project, subject to the provision of the performance guarantee by
the joint venture company, Oracle Energy Limited. As previously
announced, Oracle Energy Limited is being funded on a 70:30 basis
by Kaheel Energy Limited and Oracle Power, respectively.
Oracle Energy Limited, is seeking to establish and develop a
1,200MW hybrid solar/wind, green hydrogen/power project in Pakistan
to enable the production of green hydrogen from a 400MW capacity
electrolyser facility and renewable power for business-to-business
usage, for possible sale to utilities and for other uses.
The Placing has been carried out through Monecor (London)
Limited, trading as OvalX ("Monecor") and the Company has entered
into a placing agreement dated 4 August 2022 (the "Placing
Agreement") with Monecor pursuant to which it, as agent for the
Company, has procured placees for the Placing Shares at the Placing
Price.
Monecor may terminate the Placing Agreement in specified
circumstances, including, inter alia, for breach of warranty at any
time prior to admission of the Placing Shares ("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 continue to make great advancements for our green hydrogen
strategy in Pakistan and today's fundraise will enable us to
continue on this upward trajectory. The majority of the funds
raised will be used to support the green hydrogen initiative
through Oracle Energy Limited, whilst also providing us with
sufficient working capital to develop the other projects in
Oracle's portfolio.
We are now looking toward the next stage in the Project's
development as we move forward with detailed technical and
financial feasibilities, following the shortly expected letter of
intent from the Government of Sindh. With this support and that
from His Highness Shaikh Ahmed Dalmook Al Maktoum, I am confident
we will be able to expedite the development of this ground-breaking
and globally significant project. "
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 at 8:00
a.m. on or around 11 August 2022.
Following Admission, the total issued share capital of the
Company will be 3,078,297,740 Ordinary Shares, with no shares in
Treasury. Therefore, the total current voting rights in the Company
following Admission will be 3,078,297,740 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 +44 (0) 203 580
Naheed Memon - CEO 4314
Strand Hanson Limited (Nominated Adviser
and Broker) +44 (0) 20 7409
Rory Murphy, James Harris, Rob Patrick 3494
St Brides Partners Limited (Financial
PR) +44 (0) 20 7236
Susie Geliher, Selina Lovell 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
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 Shaikh
Ahmed Dalmook Al Maktoum. 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.
In Australia, its primary focus is the Northern Zone Gold
Project, 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,
with drilling being planned to define a maiden inferred JORC
resource.
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END
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