REG - Oracle Power PLC - Repricing & Exercise of Warrants to Raise £416,667

Oracle PowerAnnouncement

12/12/2024 15:00

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RNS Number : 9126P  Oracle Power PLC  12 December 2024

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it 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.

 

12 December 2024

 

Oracle Power PLC

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

 

Repricing and Exercise of Warrants to Raise £416,667

 

Oracle Power PLC (AIM:ORCP), the international project developer, announces
that it has effected a reduction in the exercise price of all its outstanding
warrants by approximately 21.9%.  Specifically, the Company has agreed with
Peel Hunt LLP ("Peel Hunt"), the holder of warrants over 1,666,666,667
ordinary shares of 0.001p each ("Ordinary Shares") in Oracle, previously
exercisable at 0.032p, to exercise all its warrants at 0.025p each ("Warrant
Exercise") in order to raise gross proceeds of £416,667.  This exercise
price represents a 16.7% discount to the Company's mid-market share price at
yesterday's market close, and therefore the Warrant Exercise is considered by
the Board to be a more cost-effective way of raising funds at this time than a
placing. The Company has a further 613,544,706 warrants outstanding, with
exercise prices of between 0.07p and 0.17p.  These will be repriced on the
same basis (the "Warrant Repricing").

 

The Company has received notice from Peel Hunt to exercise its entire holding
of warrants at 0.025p each over 1,666,666,667 new Ordinary Shares (the
"Warrant Exercise Shares").

 

Use of Proceeds

The net proceeds of the Warrant Exercise will be primarily used to support
further development of the Company's projects in Australia, the advancement of
the green hydrogen project in Pakistan through the joint venture with His
Highness Sheikh Ahmed Dalmook Al Maktoum (through his wholly owned company,
Kaheel Energy Limited), and for general working capital purposes.

 

Related Party Transaction

Peel Hunt was a substantial shareholder in Oracle within the last 12 months
and, as such, is considered to be a related party under Rule 13 of the AIM
Rules for Companies ("AIM Rules").  Accordingly, the repricing of Peel Hunt's
warrants is an AIM Rule 13 related party transaction ("Transaction").

 

The Directors of the Company, having consulted with the Company's nominated
adviser, Strand Hanson Limited, consider the terms of the Transaction to be
fair and reasonable insofar as the Company's shareholders are concerned.

 

Admission to Trading and Total Voting Rights

Application will be made to the London Stock Exchange plc for the Warrant
Exercise Shares to be admitted to trading on AIM ("Admission"). It is expected
that Admission will become effective at 8:00 a.m. on or around 18 December
2024. The Warrant Exercise Shares will rank pari passu with the existing
Ordinary Shares.

 

Following Admission, the total ordinary issued share capital of the Company
will be 10,272,823,185 Ordinary Shares, with no shares held in Treasury.
Therefore, the total voting rights in the Company following Admission will be
10,272,823,185 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.

 

Revised warrant certificates as adjusted for the Warrant Repricing will be
sent to the remaining warrant holders in due course.

 

Naheed Memon, CEO of Oracle, commented:

 

"As we continue to advance our projects in Australia and Pakistan, the
proceeds from today's warrant exercise will enable us to raise additional
capital at a lower discount than would have been possible through the usual
equity placing. While the majority of these funds will be used to support
project advancement, it also provides us with additional working capital to
deliver returns from our portfolio."

 

*ENDS*

 

For further information:

 Oracle Power PLC                                      +44 (0) 203 580 4314

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

 Rory Murphy, Matthew Chandler, Rob Patrick
 St Brides Partners Limited (Financial PR)             +44 (0) 20 7236 1177

 Susie Geliher, Isabel de Salis

 

 

 

 

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