The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
14 May 2024
Oracle Power
PLC
("Oracle" or the
"Company")
Subscription raising
£300,000
Oracle Power PLC (AIM:ORCP), an
international project developer, is pleased to announce that it has
raised gross proceeds of £300,000 by way of a subscription for
1,666,666,667 new ordinary shares of 0.001 pence each in the
capital of the Company ("Ordinary
Shares") (the "Subscription
Shares") at a price of 0.018 pence per share (the
"Subscription Price") (the
"Subscription"). Pursuant
to the terms of the Subscription, the subscriber will receive one
warrant for each Subscription Share, exercisable at a price of
0.032 pence per Ordinary Share and expiring on 17 May 2025. The
Subscription has been taken up by a single new institutional
investor.
Use
of Proceeds
The net proceeds of the Subscription
will primarily be utilised to support further development of the
group's projects in Australia, the advancement of the green
hydrogen project through the joint venture with His Highness Sheikh
Ahmed Dalmook Al Maktoum (through his wholly owned company, Kaheel
Energy Limited) and for general working capital
purposes.
Admission to Trading and Total Voting Rights
Application will be made to the
London Stock Exchange plc for the Subscription Shares to be
admitted to trading on AIM ("Admission"). It
is expected that Admission will become effective and dealings
commence at 8.00 a.m. on or around 17 May
2024. The Subscription Shares will rank pari passu with the
existing Ordinary Shares and will represent approximately 25.49 per
cent. of the Company's enlarged issued share capital.
On Admission, the enlarged issued
ordinary issued share capital of the Company will be 6,539,068,355
Ordinary Shares, with no shares held in Treasury. Therefore, the
total voting rights in the Company following Admission will be
6,539,068,355 and this figure may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Naheed Memon, CEO of Oracle,
commented: "As
we continue to progress our projects in Australia and Pakistan,
today's fundraise will enable us to maintain momentum with our
planned activities as well as augmenting our working capital
position as we endeavour to deliver future returns from our
promising portfolio."
*ENDS*
For
further information visit www.oraclepower.co.uk
or
contact:
Oracle Power PLC
Naheed Memon - CEO
|
+44 (0) 203 580 4314
|
Strand Hanson Limited (Nominated Adviser & Joint
Broker)
Rory Murphy, Matthew Chandler, Rob
Patrick
|
+44 (0) 20 7409 3494
|
Global Investment Strategy UK Limited (Joint
Broker)
Samantha Esqulant
|
+44 (0) 20 7048
9432
|
St
Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de
Salis
|
+44 (0) 20 7236 1177
|