Subscription to raise £150,000

Oracle Power PLC

13 November 2024

 

13 November 2024

Oracle Power PLC

("Oracle", the "Company" or the "Group")

Subscription to raise £150,000

Oracle Power PLC (AIM:ORCP), the international project developer, is pleased to announce that it has raised gross proceeds of £150,000 by way of a subscription for 1,153,846,154 new ordinary shares in the capital of the Company (the "Subscription Shares")  at a price of 0.013 pence per share (the "Subscription Price") (the "Subscription"). The Subscription was with a single investor.

Use of Proceeds

The proceeds of the Subscription will be primarily used to progress the development of the projects in Australia, one of which is expected to result in a joint venture for the development of a potential mine, as well as supporting the advancement of the projects in Pakistan, and for general working capital purposes.

Admission to Trading and Total Voting Rights

Application will be made for the Subscription Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective at 8:00 a.m. on or around 20 November 2024. The Subscription Shares will rank pari passu with the existing Ordinary Shares.

Following Admission, the total issued share capital of the Company will be 8,606,156,518 existing Ordinary Shares, with no shares held in Treasury. Therefore, the total current voting rights in the Company following Admission will be 8,606,156,518 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:

"We continue to advance a number of our projects and today's fundraise will enable us to continue on this upward trajectory."

*ENDS*

For further information:

Oracle Power PLC Naheed Memon - CEO	[phone]
Strand Hanson Limited (Nominated Adviser and Broker) Rory Murphy, Matthew Chandler, Rob Patrick	[phone]
St Brides Partners Limited (Financial PR) Susie Geliher, Isabel de Salis	[phone]

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.

About Oracle Power PLC:

Oracle Power PLC is an international project developer quoted on London's AIM market. The Company currently has two areas of focus: Western Australia and Pakistan. The Company is active in the energy industry in Pakistan and is working to establish one of the largest green hydrogen production facilities in the region.

 

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