BPH Energy Ltd Raises $1.9 Million To Accelerate Funding Of Hydrocarbon And Cortical Investments

BPH Energy Limited (ASX: BPH) (“BPH” or “Company”) is pleased to announce that it has received binding commitments to raise $1.9 million (before costs) (Placement). The Placement was well supported by new and existing investors and upsized to accommodate strong demand. The Placement will comprise the issue of 95,000,000 new fully paid ordinary shares (Placement Shares) in the Company at an issue price of $0.02 per share.

HIGHLIGHTS

• Binding commitments received to raise $1.9 million through a strongly supported Placement at $0.02 per share
• New sophisticated investors including high net worth, family office and institutions confirmed as participants
• Placement participants will receive one (1) Attaching Option (BPHOB.ASX) for every two (2) New Shares subscribed for under the Placement
• BPH now funded to execute the next phase of PEP-11 development, progress commercialisation of Cortical Dynamics, and expand Hydrogen investments

Placement participants will receive one (1) free Attaching Option (BPHOB.ASX) for every two (2) New Shares subscribed for under the Placement, exercisable at $0.03 each with an expiry date of 30 September 2024 (Attaching Options). The Attaching Options will be quoted on the ASX.

Everblu Capital Corporate Pty Ltd (Everblu) and 62 Capital Limited (62 Capital) will act as joint Lead Managers for the Placement. Everblu and 62 Capital will be paid a cash fee of 6% on funds raised under the Placement and 1 Broker Option (BPHOB) per 3 shares issued.

Commenting on the capital raising, Executive Director Mr David Breeze said:

“The continued support from existing sophisticated and institutional investors is appreciated, and we welcome the new shareholders to the Company.

The strong response to the Placement indicates a high level of interest in all our activities, including the growing recognition of the importance of PEP-11 to securing Australia’s energy supply, the huge commercial opportunity we are developing with the BARM, and the prospectivity of our clean hydrogen investment.

We are excited about all our investments and look forward to keeping shareholders updated on developments.”

Click here for the full ASX Release

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