Business
Subscription & Financing Facility
Subscription & Financing Facility.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n \n RNS Number : 4761S\n Oracle Power PLC\n 09 July 2020\n \n \n \n \n 9 July 2020\n \n \n \n \n \n \n \n \n Oracle Power PLC\n \n \n (\"Oracle\" or the \"Company\")\n \n \n \n \n \n £1.5m Subscription &\n \n \n 45.0m Financing Facility \n \n \n \n \n \n Oracle Power PLC (AIM:ORCP) is pleased to announce it has entered into a financing facility comprising a share subscription deed for new ordinary shares of 0.1 pence each in the Company (\"Ordinary Shares\") raising £1,500,000 before costs (the \"Share Subscription\") and a linked placing subscription facility for a commitment amount of up to £45,000,000 (together the \"Financing Facility\"), subject to various conditions, together with the issue of certain warrants over Ordinary Shares. The facility was arranged by Riverfort Global Capital Ltd (\"Riverfort\") with certain investors, being YA II PN, Ltd and Riverfort Global Opportunities PCC Limited (together the \"Investors\", each an \"Investor\"). \n \n \n \n Highlights\n \n \n · \n Total Financing Facility of up to £46,500,000:\n \n \n o \n £1,500,000 (gross) through a share subscription deed (the \"Subscription Deed\"); and\n \n \n o \n Up to £45,000,000 placing subscription facility (the \"PSF\"), subject to various conditions, available over 60 months to support future project expenditures\n \n \n · \n Share Subscription of £1,500,000, which alongside funds received from recent exercises of warrants, will be used to strengthen the working capital position of Oracle\n \n \n o \n Company funded for working capital costs until January 2022\n \n \n · \n PSF increases Oracle's funding flexibility as current commercial activities at Thar Block VI continue and provides access to scalable capital to support project development\n \n \n · \n The Directors believe that the availability of the PSF should put Oracle in strong negotiating positions with potential additional opportunities to develop power and natural resource projects\n \n \n Naheed Memon, CEO of Oracle, commented:\n \n \n \"We believe that the execution of a funding facility with the Investors arranged by Riverfort on such a scale should prove to be a crucial element in unlocking the potential for Oracle's long term growth. We continue to strive to expedite progress at the Thar Block VI Pr...