REG - Oracle Power PLC - Subscription to raise £150,000

Oracle PowerAnnouncement

13/11/2024 12:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241113:nRSM1210Ma&default-theme=true

RNS Number : 1210M  Oracle Power PLC  13 November 2024

13 November 2024

 

Oracle Power PLC

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

 

Subscription to raise £150,000

 

Oracle Power PLC (AIM:ORCP), the international project developer, is pleased
to announce that it has raised gross proceeds of £150,000 by way of a
subscription for 1,153,846,154 new ordinary shares in the capital of the
Company (the "Subscription Shares")  at a price of 0.013 pence per share
(the "Subscription Price") (the "Subscription"). The Subscription was with a
single investor.

 

Use of Proceeds

The proceeds of the Subscription will be primarily used to progress the
development of the projects in Australia, one of which is expected to result
in a joint venture for the development of a potential mine, as well as
supporting the advancement of the projects in Pakistan, and for general
working capital purposes.

 

Admission to Trading and Total Voting Rights

Application will be made for the Subscription 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 20 November 2024. The Subscription Shares will rank
pari passu with the existing Ordinary Shares.

 

Following Admission, the total issued share capital of the Company will be
8,606,156,518 existing Ordinary Shares, with no shares held in Treasury.
Therefore, the total current voting rights in the Company following Admission
will be 8,606,156,518 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:

"We continue to advance a number of our projects and today's fundraise will
enable us to continue on this upward trajectory."

 

 

*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

 

 

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.

 

About Oracle Power PLC:

 

Oracle Power PLC is an international 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 one of the largest green hydrogen production facilities
in the region.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEBDBDBDDBDGSX