(Alliance News) - Oracle Power PLC on Tuesday announced that it has raised gross proceeds of GBP318,600 through a placing, with the new shares expected to be admitted to AIM on or around Friday morning.
Shares in the company were down 23% at 0.018 pence on Tuesday in London.
Oracle Power, a Western Australia and Pakistan-focused minerals and power projects developer, said the placing comprised 1.77 billion new ordinary shares at 0.018p each.
It said it will mainly use the placing's net proceeds to progress the development of projects in Australia, to support the advancement of projects in Pakistan, and for general working capital purposes.
"We continue to advance on a number of fronts with our projects in Australia, in particular, continuing to make good progress," commented Chief Executive Officer Naheed Memon. "We expect to provide further updates to the market on these in due course.
"This fundraise will provide us with additional funds to accelerate these activities."
This follows Oracle Power's announcement on Wednesday that it had renewed a strategic memorandum of understanding with China Electric Power and Technology Co Ltd for an additional two years to March 1, 2027.
The MoU is to potentially develop, finance, construct, operate and maintain Oracle Energy's green hydrogen project in Thatta, Pakistan.
Oracle Power said that the planned production facility, once fully commissioned, would produce an estimated 55,000 tonnes of hydrogen per annum "and would be one of the largest such projects in Asia".
By Emma Curzon, Alliance News reporter
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Oracle Power (ORCP)
