REG - Oracle Power PLC - £800,000 Raised to support Green Hydrogen Project

Oracle PowerAnnouncement

01/04/2022 07:00

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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                               +44 (0) 203 580 4314

 Naheed Memon - CEO
 Strand Hanson Limited (Nominated Adviser)      +44 (0) 20 7409 3494

 Rory Murphy, James Harris, Rob Patrick
 Shard Capital (Broker)                         +44 (0) 20 7186 9952

 Damon Heath, Isabella Pierre
 St Brides Partners Limited (Financial PR)      +44 (0) 20 7236 1177

 Susie Geliher, Selina Lovell

 

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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