Oracle Power PLC LOI Payment (8794S)
July 14 2020 - 2:00AM
UK Regulatory
TIDMORCP
RNS Number : 8794S
Oracle Power PLC
14 July 2020
14 July 2020
Oracle Power Plc / EPIC: ORCP / Market: AIM / Sector: Mining
Oracle Power PLC
("Oracle", the "Company" or the "Group")
LOI Payment Received from China National Coal Development
Company
Further to the announcement on 4 June 2020, Oracle is pleased to
announce the receipt of the pro rata contribution from China
National Coal Development Company Ltd. ("CNCDC") in respect to the
$50,000 Evaluation Fee to the Private Power and Infrastructure
Board ("PPIB") as part of the application process for a Letter of
Intent ("LOI").
Pursuant to the Consortium Agreement (please refer to Oracle's
announcement of 19 February 2020), it was envisaged that each
member of the Consortium, comprising CNCDC, Oracle and Sheikh Ahmed
Dalmook Al Maktoum Private Office One Person Company LLC, would
contribute its pro rata share (based on the proposed equity
shareholdings set out in the Consortium Agreement) of the costs
associated with the LOI application, being certain fees owed to
PPIB. As previously announced, Oracle, on behalf of the Consortium,
settled the Evaluation Fee in full in the third week of March 2020.
Following the recent payment of GBP28,263.72 by CNCDC, representing
its c. 73% share, each member of the Consortium has now paid its
proportionate share of the Evaluation Fee. The Company believes
this payment by CNCDC reinforces its ongoing support for the
development of Thar Block VI.
**ENDS**
For further information:
Oracle Power PLC +44 (0) 203 580
Naheed Memon 4314
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
Rory Murphy, James Harris, Jack Botros 3494
Brandon Hill Capital Limited (Joint Broker) +44 (0) 203 463
Oliver Stansfield 5000
Shard Capital (Joint Broker)
Damon Heath +44 (0) 20 7186
Isabella Pierre 9952
St Brides Partners Limited (Financial
PR)
Susie Geliher +44 (0) 20 7236
Catherine Leftley 1177
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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