Business
Equity Placing
Equity Placing.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 6389I Oracle Power PLC 12 August 2019 \n\n12 August 2019\nOracle Power PLC\n(\"Oracle\" or \"the Company\")\n \nEquity Placing of £500,000 at 0.25p per Ordinary Share\n \nOracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in the south-eastern Sindh Province of Pakistan (Thar Block VI), announces that it has raised £500,000 before costs by way of a placing, with new and existing investors, of 200,000,000 new ordinary shares of 0.1p each in the Company (\"Ordinary Shares\") (the \"Placing Shares\") at a price of 0.25p per Ordinary Share (the \"Placing Price\") (the \"Placing\").\n \nIn addition, the subscribers in the Placing will be issued with one warrant for each Placing Share subscribed for (the \"Placing Warrants\"). The issue of shares pursuant to the exercise of the Placing Warrants requires the approval of the Company's shareholders at a duly convened general meeting (the \"Warrant Approval\"), for which the Company will post a circular to shareholders in due course. The Placing is not conditional on the Warrant Approval. Each warrant is exercisable at a price of 0.50p (a premium of 100% to the Placing Price) for a period of 24 months from the date of admission of the Placing Shares to trading on AIM (\"Admission\").\n \nAs part of the Placing, Brandon Hill Capital Limited (\"Brandon Hill\"), Neal Griffith and Oliver Stansfield (both directors of Brandon Hill and together the \"Brandon Hill Group\") have agreed to subscribe for, in aggregate, 45,437,808 Placing Shares, representing a cash subscription of £113,594.52. On Admission, the Brandon Hill Group will be interested in 328,781,090 Ordinary Shares representing, in aggregate, 22.53 per cent. of the Company's issued share capital as enlarged by the Placing. A further 11,072,618 shares are held by Brandon Hill's parent company, Optima Worldwide Group plc, representing, on Admission, 0.76 per cent. of the Company's then issued share capital.\n \nIn addition, as part of the commission arrangements for acting as joint broker to the Placing, Brandon Hill will be issued with a further 9,000,000 warrants, exercisable at 0.25p per share for a period of 24 months (\"Broker Warrants\"), and a cash commission of approximately £22,500 (the \"Brandon Hill Commission ...