(Alliance News) - Oracle Power PLC announced on Friday that it raised GBP500,000 through a placing of 181.8 million shares at a price of 0.275 pence per share.
The placing price represents a 28% discount to Oracle's closing price on Thursday of 0.38p.
Shares were down 16% at 0.32 pence each on Friday morning in London.
The natural resource project developer said the proceeds would be used to support its green hydrogen project, a joint venture alongside Kaheel Energy Ltd.
The project aims to develop a 1,200 megawatt hybrid solar, wind, green hydrogen power project in Pakistan.
"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," said Chief Executive Naheed Memon.
By Heather Rydings; heatherrydings@alliancenews.com
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Oracle Power (ORCP)