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
Naheed Memon - CEO
|
+44 (0) 203 580 4314
|
|
Strand Hanson Limited (Nominated
Adviser and Broker)
Rory Murphy, Matthew Chandler, Rob
Patrick
|
+44 (0) 20 7409 3494
|
|
St Brides Partners Limited
(Financial PR)
Susie Geliher, Isabel de
Salis
|
+44 (0) 20 7236 1177
|
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.
