Oracle Power PLC GBP500,000 Placing to Support Green Hydrogen Project (0131V)

TIDMORCP

RNS Number : 0131V

Oracle Power PLC

05 August 2022

 
  Close 
 

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                            [phone] 
  Naheed Memon - CEO                          4314 
 Strand Hanson Limited (Nominated Adviser 
  and Broker)                                [phone] 
  Rory Murphy, James Harris, Rob Patrick      3494 
 St Brides Partners Limited (Financial 
  PR)                                        [phone] 
  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.

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 [e-mail] or visit 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.

END

MSCDGGDIGBGDGDS

(END) Dow Jones Newswires

August 05, 2022 02:00 ET (06:00 GMT)