Business
Equity Placing & Exercise Of Warrants
Equity Placing & Exercise Of Warrants.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 3986A Oracle Power PLC 28 December 2017 \n\n 28 December 2017\nOracle Power PLC\n(\"Oracle\" or \"the Company\")\n \n \nEquity Placing at 2.3p per Ordinary Share\nExercise of Warrants\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, announces that it has issued a total of 27,023,652 ordinary shares of 0.1 pence each in the capital of the Company (\"Ordinary Shares\") at a price of 2.3 pence per share, representing an approximate premium of 20% to the closing mid-market price on 27 December 2017, pursuant to an equity fundraising. In addition, the Company also announces that Brandon Hill Capital Limited (\"Brandon Hill\"), the Company's broker, has exercised warrants held over 23,076,920 Ordinary Shares. \n \nEquity placing and warrant exercise\nThe Company has raised £621,544 before costs by way of a placing of 27,023,652 new Ordinary Shares at a price of 2.3p per Ordinary Share to a new investor and the Company's joint broker, Brandon Hill, (the \"Placing\"). \n \nIn addition, Brandon Hill has also exercised warrants held over 23,076,920 Ordinary Shares, at an exercise price of 0.65 pence per Ordinary Share (the \"Exercise Price\"), resulting in gross proceeds of £150,000 being receivable by the Company (the \"Warrant Exercise\"). The warrants were issued to Brandon Hill on 2 March 2015 at the Exercise Price, as remuneration for its role in a placing for the Company at that time. These warrants were due to expire in Q1 2018.\n \nThe proceeds of the Placing and the Warrant Exercise will provide Oracle with funds to repay the drawn principal and outstanding interest balance on the loan facility made available by Brandon Hill (announced on 25 September 2017) of £471,544, and will provide general working capital as the Company looks to move towards financial close on the basis of the Memorandum of Understanding with two major Chinese State Owned Enterprises, announced on 21 November 2017.\n \nAs part of the Placing, Brandon Hill has agreed to subscribe for 13,980,174 Ordinary Shares. Following the issue of the Ordinary Shares pursuant to the Placing and Warrant Exercise, Brandon Hill, together with its parent company, Optima Worldwide Group PLC, ...