Completion of Capital Raising

Provaris Energy Ltd (ASX.PV1, Provaris, the Company) is pleased to announce that it has received firm commitments to raise $1.5 million (before costs) via a share placement to institutional, sophisticated, and professional investors at $0.02 per share, with 75 million new fully paid ordinary shares to be issued (Placement).

HIGHLIGHTS:

$1.5 million raised from a well subscribed Placement with cornerstone support received from existing and new institutional and corporate investors.
Funds will be applied to Provaris’ business development activities in Europe for both hydrogen and CO2, and preparations for the future restart of its prototype tank program.
Strong support from Directors, subscribing for $125,000.
Amendment to 2024 AGM Notice of Meeting (refer to page 2).

The proceeds of the Placement will provide funds to support priority business development activities in Europe related to both hydrogen and CO2, and preparation activities for the future restart of Provaris’ prototype tank program.

Provaris Managing Director and CEO, Martin Carolan, commented“The Company is delighted with cornerstone support from a new Australian institution and international corporate investor in the Placement, and we also thank the ongoing support from existing major shareholders.

Provaris continues to advance the commercial and technical steps required for compressed hydrogen to be recognised as an enabler for regional production, storage and transport of bulk-scale hydrogen into North West Europe, addressing the industry challenges of cost, complexity and efficiency.

The recognition of our unique and proprietary solutions for storage and marine transport of gases is also creating early stage commercial pathways in the established CO2 shipping sector where the introduction of higher-volume CO2 tanks and ships can reduce the storage and shipping costs.”

Placement Details

The Placement will comprise the issue of 75 million new fully paid ordinary shares (New Shares) at an issue price of $0.02 per share, which represents a 5% discount to the last trade and a 10% discount to the 30-day Volume Weighted Average Price as at 1 November 2024.

The Placement will settle in one tranche with the New Shares to be issued under the Company’s existing ASX Listing Rules 7.1 and 7.1A placement capacity. Settlement of the Placement is expected to occur on Tuesday, 12 November 2024 and the New Shares will rank equally with the Company’s existing fully paid ordinary shares on issue.

The Company notes that the Directors of the Company have elected to participate in the Placement, subscribing for a total of $125,000. The issue of New Shares to Directors will also be subject to shareholder approval at a future planned EGM.

Bridge Street Capital Partners acted as Lead Manager to the Placement.

Click here for the full ASX Release

This article includes content from Provaris Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Sample #	Easting (m)	Northing (m)	SiO₂ (%)	Al₂O₃ (%)	CaO (%)	Fe₂O₃ (%)	MgO (%)	P₂O₅(%)	TiO₂(%)	B (ppm)
299516	509114	5685249	99.41	0.11	0.02	0.39	0.01	<0.01	<0.01	6
299517	509193	5685166	98.84	0.14	0.01	0.23	0.02	<0.01	<0.01	8
299518	509314	5685171	99.20	0.10	0.01	0.25	0.02	<0.01	0.01	10
299519	509350	5685151	98.26	0.12	0.01	0.35	0.01	<0.01	0.01	15
299520	509369	5685129	99.20	0.13	0.01	0.21	<0.01	<0.01	0.03	16
299521	509395	5685107	99.17	0.15	0.01	0.27	0.02	<0.01	0.01	8
299522	509418	5685094	98.78	0.23	0.02	0.26	0.01	<0.01	0.01	12
299523	509442	5685075	98.59	0.14	0.02	0.26	<0.01	0.01	0.01	12
299524	509450	5685043	99.74	0.07	0.01	0.30	0.01	0.01	0.01	6
299525	509471	5685019	98.58	0.04	0.01	0.36	0.01	0.01	0.01	7
299526	509482	5684990	99.25	0.14	0.02	0.27	0.04	0.01	0.01	7
299527	509500	5684961	99.66	0.16	0.02	0.31	0.02	0.01	0.01	7
299528	509515	5684938	99.21	0.14	0.01	0.32	0.02	0.01	0.01	7
299529	509538	5684911	99.13	0.11	0.01	0.27	0.03	0.01	0.01	21
299530	509561	5684862	98.18	0.25	0.01	0.31	0.03	0.01	0.01	7
299531	509598	5684823	98.93	0.27	0.02	0.36	0.03	0.01	0.01	7
299532	509583	5684759	98.99	0.09	0.01	0.30	<0.01	0.01	0.01	7
299533	509619	5684743	98.72	0.16	0.01	0.35	0.02	0.01	0.01	14
299534	509641	5684726	98.18	0.30	0.01	0.33	0.04	0.01	0.02	15
299535	509712	5684697	99.41	0.13	0.01	0.30	0.02	0.01	0.01	7
299536	509736	5684685	99.27	0.11	0.01	0.33	0.02	0.01	0.01	7
299537	509764	5684670	98.58	0.13	0.02	0.36	0.03	0.01	0.02	8
299548	509306	5685510	99.32	0.14	0.01	0.29	0.01	0.01	0.01	18
299560	509476	5685127	98.99	0.13	0.01	0.32	0.03	0.01	0.02	27
299561	509472	5685107	99.01	0.05	0.01	0.32	0.01	0.01	<0.01	18
299562	509457	5685115	98.74	0.15	0.01	0.26	0.01	0.01	0.02	28
299563	509439	5685112	98.35	0.20	0.02	0.34	0.02	0.01	0.01	27
299564	509459	5685092	99.20	0.09	0.01	0.32	<0.01	0.01	0.01	21
299565	509487	5685107	99.49	0.09	0.01	0.28	0.03	0.01	0.02	28
299566	509490	5685083	98.48	0.25	0.02	0.35	0.01	0.01	0.01	26
299567	509503	5685071	99.03	0.11	0.02	0.34	0.02	0.01	<0.01	21
299568	509477	5685067	99.16	0.10	0.01	0.30	<0.01	0.01	<0.01	18
299569	509478	5685044	98.68	0.10	0.01	0.32	0.03	0.01	<0.01	20
299570	509506	5685041	98.46	0.43	0.02	0.32	0.06	0.01	0.01	29
299571	509523	5685054	98.81	0.13	0.01	0.31	0.03	0.01	0.01	22
299572	509382	5685160	98.42	0.09	0.01	0.29	0.01	0.01	0.01	23
299573	509397	5685160	98.92	0.11	0.01	0.36	<0.01	0.01	<0.01	18
299574	509406	5685142	99.12	0.09	0.01	0.30	0.02	0.01	<0.01	17
299575	509409	5685120	98.56	0.14	0.01	0.37	<0.01	0.01	<0.01	21
299581	509357	5685172	98.84	0.08	0.02	0.32	<0.01	0.01	0.01	18
299582	509429	5685142	98.87	0.15	0.01	0.29	<0.01	0.01	0.02	8
299583	509446	5685146	98.25	0.33	0.02	0.33	0.03	0.01	0.03	17
299584	509455	5685145	99.49	0.11	0.02	0.27	<0.01	0.01	0.01	5
299585	509473	5685142	98.66	0.08	0.01	0.36	<0.01	0.01	<0.01	6
299586	509493	5685133	98.52	0.05	0.01	0.29	<0.01	0.01	<0.01	<5

Sample #	Easting (m)	Northing (m)	SiO₂ (%)	Al₂O₃ (%)	CaO (%)	Fe₂O₃ (%)	MgO (%)	P₂O₅(%)	TiO₂(%)	B (ppm)
248351	511603	5682006	98.60	0.28	0.08	0.25	0.04	0.01	0.01	15
248352	511563	5681948	99.45	0.15	0.02	0.22	0.02	0.01	<0.01	6
248353	511552	5681948	99.01	0.19	0.03	0.29	0.04	0.01	0.01	9
248354	511551	5681951	99.09	0.11	0.02	0.22	0.03	0.01	0.01	6
248355	511530	5681940	98.74	0.09	0.02	0.23	<0.01	0.01	<0.01	6
248356	511522	5681942	98.82	0.08	0.01	0.31	<0.01	0.01	<0.01	<5
248357	511512	5681951	98.31	0.09	0.01	0.24	0.01	0.01	0.01	5
248358	511485	5681948	98.14	0.13	0.28	0.32	0.03	0.01	0.01	8
248359	511461	5681935	99.49	0.11	0.02	0.30	0.02	0.01	<0.01	10
248360	511436	5681932	99.06	0.03	0.05	0.25	0.01	0.02	<0.01	5
248361	511444	5681918	99.42	0.07	0.01	0.29	0.02	0.01	<0.01	6
248362	511440	5681942	97.83	0.32	0.73	0.36	0.03	0.03	0.01	8
248364	511374	5682002	98.43	0.09	0.43	0.36	<0.01	0.16	<0.01	<5

Sample #	Easting (m)	Northing (m)	SiO₂ (%)	Al₂O₃ (%)	CaO (%)	Fe₂O₃ (%)	MgO (%)	P₂O₅(%)	TiO₂(%)	B (ppm)
248384	513642	5680350	98.22	0.37	0.21	0.41	0.14	0.02	0.03	27
248385	513671	5680320	95.82	0.57	0.69	0.51	0.52	0.02	0.03	30
248386	513685	5680313	97.77	0.48	0.05	0.37	0.05	0.01	0.03	30
248387	513708	5680285	98.90	0.36	0.02	0.35	0.04	<0.01	0.03	30
248388	513735	5680261	98.11	0.32	0.03	0.31	0.04	<0.01	0.03	35
248389	513748	5680244	98.05	0.49	0.03	0.30	0.03	<0.01	0.01	28
248390	513654	5680223	98.91	0.13	0.01	0.27	0.04	<0.01	0.01	29
248391	513627	5680208	98.74	0.09	0.02	0.30	0.02	<0.01	0.02	27
248392	513600	5680217	99.52	0.06	0.02	0.32	0.03	<0.01	0.01	23
248393	513564	5680220	96.98	1.04	0.05	0.33	0.07	0.03	0.07	41
248394	513592	5680259	98.91	0.30	0.13	0.35	0.13	<0.01	0.02	31
248395	513390	5680466	99.26	0.11	0.02	0.35	0.03	<0.01	0.01	25
248396	513367	5680495	98.81	0.12	0.07	0.34	0.04	<0.01	0.01	25
248397	513332	5680531	99.25	0.08	0.02	0.37	0.01	<0.01	0.01	26
248398	513301	5680539	99.08	0.15	0.21	0.33	0.04	<0.01	0.01	27
248399	513283	5680559	98.76	0.07	0.09	0.36	0.02	<0.01	0.01	22
248400	513263	5680602	98.77	0.08	0.01	0.29	<0.01	<0.01	0.01	24
299501	513231	5680636	98.14	0.15	0.02	0.41	0.02	<0.01	0.01	26
299502	513188	5680660	99.05	0.20	0.02	0.27	<0.01	<0.01	0.01	27
299503	513160	5680700	99.07	0.16	0.02	0.31	0.02	<0.01	0.01	27
299504	513133	5680705	98.85	0.13	0.02	0.26	0.01	<0.01	0.01	26
299508	513834	5679986	98.68	0.15	0.03	0.26	0.02	<0.01	0.01	21
299509	513876	5679941	98.88	0.23	0.03	0.27	0.04	<0.01	0.03	34
299510	513904	5679907	99.08	0.05	0.02	0.29	<0.01	<0.01	0.01	11
299511	513968	5679864	99.82	0.15	0.02	0.27	0.02	<0.01	0.01	23
299512	514023	5679832	99.21	0.12	0.02	0.29	0.03	<0.01	0.03	10
299513	514070	5679980	97.08	1.11	0.02	0.75	0.09	0.01	0.05	18
299514	514081	5680011	96.66	1.27	0.02	0.43	0.05	0.01	0.07	26
299515	514075	5680039	98.58	0.26	0.07	0.45	0.07	0.01	0.03	14

Channel	From (m)	To (m)	Interval (m)	SiO₂ (%)	Al₂O₃ (%)	CaO (%)	Fe₂O₃ (%)	MgO (%)	P₂O₅(%)	TiO₂(%)	B (ppm)
TM1	0.00	4.74	4.74	98.83	0.15	0.01	0.30	0.01	0.01	0.01	24
TM2	0.00	5.80	5.80	98.88	0.10	0.01	0.33	0.01	0.01	0.01	10
5.80	6.30	0.50	Overburden
6.30	8.83	2.53	98.90	0.10	0.01	0.30	0.01	0.01	0.02	7
8.83	9.38	0.55	Overburden
9.38	13.0	3.62	99.21	0.09	<0.01	0.35	0.01	0.01	0.02	11
TM3	0.00	7.60	7.60	99.03	0.11	<0.01	0.32	0.01	0.01	0.02	7
7.60	10.20	2.60	Overburden
10.20	11.00	0.80	99.08	0.11	<0.01	0.27	0.01	0.01	0.02	6
11.00	11.90	0.90	Overburden
11.90	18.00	6.10	98.79	0.11	<0.01	0.29	<0.01	0.01	0.02	10
TM4	0.00	5.22	5.22	99.09	0.09	<0.01	0.33	<0.01	0.01	0.02	12
TM5	0.00	3.80	3.80	98.82	0.15	<0.01	0.29	<0.01	0.01	0.04	15
3.80	4.50	0.70	Overburden
4.50	7.00	2.50	98.85	0.12	<0.01	0.31	0.02	0.01	0.02	20
7.00	10.20	3.20	Overburden
10.20	12.00	1.80	98.77	0.09	<0.01	0.34	0.01	<0.01	0.01	12
12.00	13.00	1.00	Overburden
13.00	17.50	4.50	98.30	0.15	0.09	0.34	0.02	<0.01	0.01	13
17.50	20.10	2.60	Overburden
20.10	33.20	13.10	98.81	0.11	<0.01	0.31	0.01	<0.01	0.01	9

Completion of Capital Raising

Provaris Energy Investor Kit

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Investor Insight

Company Highlights

Overview

Core Product: H2Neo Carrier

Key Features and Benefits

Innovative Vessel Designs

CO2 Storage and Transport

Strategic Partnerships

Management Team

Martin Carolan – Managing Director & CEO

Greg Martin – Chairman

Andrew Pickering – Non-executive Director

David Palmer – Non-executive Director

Per Roed – Chief Technical Officer

Mats Fagerberg – Business Development, Europe

Garry Triglavcanin – Product Development Director

Norman Marshall – Group Commercial Manager

John Stevenson – Group Financial Controller

Jessica Roed – Operations Manager, Norway

Introduction to silica and its uses

Market trends and demand drivers

Troy Minerals: Positioned to meet demand

Investment case

Investor takeaway

Company Highlights

Latest News

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