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£800,000 Raised to support Green Hydrogen Project
£800,000 Raised to support Green Hydrogen Project.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8647G\n Oracle Power PLC\n 01 April 2022\n \n \n \n \n \n \n \n 1 April 2022\n \n \n \n \n \n Oracle Power PLC\n \n \n (\"Oracle\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Placing to raise £800,000 to support Green Hydrogen Project Development\n \n \n \n \n \n Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that it has successfully raised gross proceeds of £800,000 by way of a placing of 246,153,846 new ordinary shares of 0.1p each in the Company (\"Ordinary Shares\") (the \"Placing Shares\") \n through Monecor (London) Limited trading as ETX Capital (\"Monecor\") \n at a price of 0.325p per Ordinary Share (the \"Placing Price\") (the \"Placing\").\n \n \n \n \n \n The net proceeds of the Placing are expected to be primarily applied to support the advancement of the Company's green hydrogen project through the joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum (through his wholly owned company, Kaheel Energy Limited), as was announced on 30 March 2022. The joint venture company, Oracle Energy Limited, will be focused on investing in and developing a facility for the manufacture of green hydrogen in the Province of Sindh, Pakistan. As previously announced, Oracle Energy Limited, will be funded on a 70:30 basis by Kaheel Energy Limited, and Oracle Power respectively and the funds raised today are expected to be used primarily to accelerate the advancement of the green hydrogen project through the joint venture.\n \n \n \n \n \n The Company has entered into a placing agreement dated 31 March 2022 (the \"Placing Agreement\") with Monecor pursuant to which they, as agents for the Company, have procured placees for the Placing Shares at the Placing Price. The Placing Agreement is conditional on Admission (as defined below).\n \n \n \n \n \n Monecor may terminate the Placing Agreement in specified circumstances (including for breach of warranty at any time prior Admission, if such breach is reasonably considered by Monecor to be material in the context of the Placing) and in the event of a force majeure event occurring at any time prior to Admission.\n \n \n \n \n \n Naheed Memon, CEO of Oracle, commented:\n \n \n \n \n \n \"We have been clear in our in...