BPH Placement Completed to Fund Hydrogen and Gas Strategy
Perth, Oct 11, 2022 AEST (ABN Newswire) - BPH Energy Limited (
ASX:BPH) is pleased to announce that it has received binding commitments to raise approximately $1.196 million (before costs) ("Placement"). The Placement will comprise the issue of 66,494,825 new fully paid ordinary shares ("Placement Shares") in the Company at an issue price of $0.018 per share, to be issued in two tranches as follows:
1. 52,099,087 Placement Shares will be issued pursuant to the Company's existing placement capacity under ASX Listing Rule 7.1A ("Tranche 1"); and
2. The remaining 14,395,738 Placement Shares will be issued subject to shareholder approval being granted at the next General Meeting of the Company ("Tranche 2"), expected to be held in mid-late November 2022.
Placement participants will receive one (1) free attaching option for every one (1) New Share 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 subject to Shareholder Approval at the General Meeting and are expected to be granted on or around late November 2022. The Company intends to apply for quotation of the Attaching Options, subject to ASX requirements being met.
Everblu Capital Limited ("Everblu") acted as the Lead Manager for the Placement and will be paid a cash fee of 6% on funds raised and 1 Broker Option for every 3 Placement Shares issued, exercisable at $0.03 per share, expiring 30 September 2024. The Broker Options are subject to Shareholder approval.
Commenting on the Capital Raising, Executive Director Mr David Breeze said:
"We have received strong interest in the placement through Everblu and will see the introduction of several new sophisticated investors, including high net worth, family office and resource funds to our register.
Advent has received a copy of the draft Environmental Plan which is currently being reviewed prior to release to enable the Environmental Consultation Process for PEP 11 and we are hopeful of conducting drilling, subject to resolution of the judicial review application in the Federal Court of Australia in relation to the extension of the PEP 11 Permit.
The funding also allows BPH to accelerate the exploration programs to unlock the potential on both our hydrogen and gas projects especially following the recent gas crisis and focus on hydrogen.
We welcome the new shareholders and look forward to eligible shareholders supporting BPH as we continue our activities."
About BPH Energy Limited
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.
The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.
BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
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