£363,000 Fundraising & Appointment of Joint Broker
Summary
596/2014, which 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.\xa3363,000 fundraising to support advancement of the Companys green hydrogen JV projectOracle Power PLC (AIM: ORCP) is pleased to announce that it has successfully raised gross proceeds of, in aggregate, \xa3363,000 by way of a placing of 323,000,000 new ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") (the "Placing") and a subscription for 40,000,000 new Ordinary Shares (the "Subscription") both at a price of 0.1p per Ordinary Share (the "Issue Price") (together, the "Fundraising").The net proceeds of the Fundraising will be utilised primarily to support the advancement of the Companys green hydrogen project (the "Project") via its joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum, and for general working capital purposes.The funds were raised from both new and existing investors, including the Companys largest shareholder, His Highness Sheikh Ahmed Dalmook Al Maktoum through the Subscription. Most recently, Oracle has signed strategic Memoranda of Understanding ("MoUs") with State Grid Corporation of China through its subsidiary, to potentially develop, finance, construct, operate and maintain the Project, and with PetroChina International (Middle East) Company Limited for the potential future off take of green hydrogen.The Fundraising has been arranged through Global Investment Strategy UK Limited ("GIS") with whom the Company has entered into a placing agreement dated 21 June 2023 (the "Placing Agreement") pursuant to which GIS, as agent for the Company, has procured placees for the 323,000,000 new Ordinary Shares at the Issue Price. Accordingly, in connection with the Fundraising, GIS will receive 21,780,000 warrants over new Ordinary Shares, exercisable at the Issue Price for a period of 2 years from the date of the Placing. The funds raised will be utilised to support our green hydrogen initiative, whilst also providing additional working capital to, inter alia, progress our other portfolio projects. Accordingly, His Highness Sheikh Ahmed Dalmook Al Maktoums additional investment via the Subscription, representing approximately 11.0% of the Fundraising, constitutes a related party transaction pursuant to AIM Rule 13.