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RNS Number : 4289O Oracle Power PLC 14 May 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.
14 May 2024
Oracle Power PLC
("Oracle" or the "Company")
Subscription raising £300,000
Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce that it has raised gross proceeds of £300,000 by way of a
subscription for 1,666,666,667 new ordinary shares of 0.001 pence each in the
capital of the Company ("Ordinary Shares") (the "Subscription Shares") at a
price of 0.018 pence per share (the "Subscription Price") (the
"Subscription"). Pursuant to the terms of the Subscription, the subscriber
will receive one warrant for each Subscription Share, exercisable at a price
of 0.032 pence per Ordinary Share and expiring on 17 May 2025. The
Subscription has been taken up by a single new institutional investor.
Use of Proceeds
The net proceeds of the Subscription will primarily be utilised to support
further development of the group's projects in Australia, the advancement of
the green hydrogen project 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.
Admission to Trading and Total Voting Rights
Application will be made to the London Stock Exchange plc for the Subscription
Shares to be admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective and dealings commence at 8.00 a.m. on or
around 17 May 2024. The Subscription Shares will rank pari passu with the
existing Ordinary Shares and will represent approximately 25.49 per cent. of
the Company's enlarged issued share capital.
On Admission, the enlarged issued ordinary issued share capital of the Company
will be 6,539,068,355 Ordinary Shares, with no shares held in Treasury.
Therefore, the total voting rights in the Company following Admission will be
6,539,068,355 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.
Naheed Memon, CEO of Oracle, commented: "As we continue to progress our
projects in Australia and Pakistan, today's fundraise will enable us to
maintain momentum with our planned activities as well as augmenting our
working capital position as we endeavour to deliver future returns from our
promising portfolio."
*ENDS*
For further information visit www.oraclepower.co.uk
(http://www.oraclepower.co.uk/) or contact:
Oracle Power PLC +44 (0) 203 580 4314
Naheed Memon - CEO
Strand Hanson Limited (Nominated Adviser & Joint Broker) +44 (0) 20 7409 3494
Rory Murphy, Matthew Chandler, Rob Patrick
Global Investment Strategy UK Limited (Joint Broker) +44 (0) 20 7048 9432
Samantha Esqulant
St Brides Partners Limited (Financial PR) +44 (0) 20 7236 1177
Susie Geliher, Isabel de Salis
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