BPH Energy (ASX:BPH)

September 2023 Quarter (“Quarter”) Operations Report

BPH Energy (ASX:BPH) is pleased to present September 2023 Quarter (“Quarter”) Operations Report.

Clean Hydrogen Technologies

On 2 August 2022 BPH announced that, following its shareholders’ meeting on 21 June 2022 at which shareholders voted unanimously to approve an investment in hydrogen technology company Clean Hydrogen Technologies Corporation (“Clean Hydrogen” or “Vendor” or “Borrower”), BPH and its investee Advent Energy Ltd (“Advent” or “Lender”), together the “Purchasers”, settled for the acquisition of a 10% interest in Clean Hydrogen for US$1,000,000 (“Cash Consideration”) (8% BPH and 2 % Advent.

The Purchasers had a first right of refusal to invest further in Clean Hydrogen to a maximum of a further US$1,000,000 for an additional 10% interest. The Purchasers loaned a further US$950,000 (“Additional Cash Consideration”) under this agreement and the Purchasers and Clean Hydrogen have now executed a Loan Conversion Agreement which enabled the conversion of the US$950,000 loan into the relevant Subscription Shares Tranche 2, representing the Purchasers further 9.5% interest in Clean Hydrogen.

BPH now has an interest of 15.6% and Advent has an interest of 3.9% interest in Clean Hydrogen. Clean Hydrogen has also issued 760 share options to BPH and 190 share options to Advent, with an exercise price of USD$3,000 each, exercisable immediately, with the option to convert into shares in Clean Hydrogen expiring ten years from the date of issue.

The parties acknowledge and agree that the Cash Consideration and Additional Cash Consideration shall be used by Clean Hydrogen to design, build, produce and test a reactor that can produce a minimum of 3.2kgs and as high as 15kgs of hydrogen per hour and to submit at least 2 new patents in an agreed geography, relevant to the production of hydrogen from proprietary technology.

Capital

On 11 September 2023 the Company announced that it had received binding commitments to raise $1.9 million (before costs) (“Placement”) comprising 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. The Placement was well supported by new and existing investors and upsized to accommodate strong demand.

Placement participants will receive one (1) free Attaching Option for every two (2) Placement Shares, exercisable at $0.03 each with an expiry date of 30 September 2024 (“Attaching Options”). The Attaching Options, the issue of which are subject to shareholder approval at the Company’s November 2023 Annual General Meeting, will be quoted on the ASX.


Click here for the full ASX Release

This article includes content from BPH 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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