LOI Payment

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 £28,263.72 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 Naheed Memon	[phone]
Strand Hanson Limited (Nominated Adviser) Rory Murphy, James Harris, Jack Botros	[phone]
Brandon Hill Capital Limited (Joint Broker) Oliver Stansfield	[phone]
Shard Capital (Joint Broker) Damon Heath Isabella Pierre St Brides Partners Limited (Financial PR) Susie Geliher Catherine Leftley	[phone] [phone]

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.

 

END

 

 

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