Provaris Energy

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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