Provaris raises $500,000 in placement to progress hydrogen and CO2 programs
Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has raised $500,000 via a placement of new fully paid ordinary shares to professional and sophisticated investors. Members of the board and executive management participated in the placement, highlighting their confidence in PV1’s project.
Use of proceeds
Provaris plans to apply the funds to:
- fabrication and testing of its prototype hydrogen (H₂) tank;
- advancement of its low-pressure liquid CO₂ (LCO₂) tank joint venture with Yinson Production AS, including FEED work and engagement with marine classification society DNV for approvals; and
- project-related operating costs and business development.
Funding strategy
Alongside the placement, Provaris is in discussions with strategic partners regarding alternative funding options, including non-dilutive project-linked co-funding and industrial investment.
Chairman Greg Martin said the raise would support progress across the company’s hydrogen and CO₂ programs, with the board and management focused on execution “in a capital efficient manner”.
Placement terms
Key terms include:
- issue price of $0.013 per share, which Provaris said represented a 15.8% discount to the 15-day VWAP and a 23.1% discount to the last traded price of $0.016;
- 1 free-attaching unlisted option for every 2 shares issued, exercisable at $0.03 and expiring on February 20, 2027; and
- option issuance and director participation are subject to shareholder approval at a general meeting planned for early 2026.
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Provaris raises $500,000 in placement to progress hydrogen and CO2 programs, source
