22nd Jun 2023 10:52
Oracle Power PLC - Pakistan-focused energy projects developer - Raises GBP363,000 through placing 323.0 million shares and a subscription for 40.0 million shares, both at 0.1 pence per share. Proceeds will primarily support the advancement of Oracle's green hydrogen project through its joint venture with Sheikh Ahmed Dalmook Al Maktoum and for general working capital purposes. Al Maktoum is Oracle Power's largest investor and has a 70% share in the JV. Trading in London of the fundraising shares is expected to start on or around June 27.
Chief Executive Officer Naheed Memon says: "We continue to make significant progress in advancing our green hydrogen strategy in Pakistan and today's fundraising will enable us to continue this upward trajectory."
Current stock price: 0.10 pence, down 21% in London on Thursday
12-month change: down 62%
By Emma Curzon, Alliance News reporter
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