Oracle Power shares plunge on fundraise for hydrogen project.
Oracle Power PLC – Pakistan and Australia-focused natural resources project developer – Enters into placing agreement to raise GBP350,000 through the placing of 1.0 billion shares at a price of 0.035 pence each. Notes agreement is conditional on the passing of related resolutions due to be proposed at a general meeting.
The proceeds of the placing will primarily be used to support the advancement of the company’s green hydrogen project in Pakistan. They will also help provide the company with sufficient working capital to develop its other projects.
Naheed Memon, Chief Executive comments:
We are now looking toward the next stage in the Project’s development as we move forward with detailed technical and financial feasibilities.
“With the recent completion of the feasibility study and support from His Highness Shaikh Ahmed Dalmook Al Maktoum [through his wholly owned company Kaheel Energy Ltd], I am confident we will be able to rapidly progress the development of this ground-breaking and globally significant project.”
Current stock price: 0.028 pence, down 63% in London afternoon
12-month change: down 87%
By Heather Rydings, Alliance News senior economics reporter
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IN BRIEF: Oracle Power shares plunge on fundraise for hydrogen project, October 4, 2023
