Placement
Perth, April 17, 2023 AEST (ABN Newswire) - BPH Energy Limited (
ASX:BPH) is pleased to announce that it has received binding commitments to raise $1 million (before costs) (Placement). The Placement will comprise the issue of 52,631,578 new fully paid ordinary shares (Placement Shares) in the Company at an issue price of $0.019 per share.
The Placement will be undertaken pursuant to the Company's existing placement capacity under ASX Listing Rule 7.1 and subsequent to the issue of a Prospectus in compliance with the Corporations Act.
Placement participants will receive one (1) free Attaching Option for every two (2) New Shares 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 quoted under ASX ticker code BPHOB.
Everblu Capital Corporate Pty Ltd (Everblu) will act as Lead Manager for the Placement, with 62 Capital Pty Ltd (62 Capital) acting as Co-Lead. Everblu and 62 Capital will be paid a cash fee of 6% on funds raised under the Placement and 1 Broker Option (ASX:BPHOB) per 2 Placement Option issued exercisable at $0.03 per share, expiring 30 September 2024.
Commenting on the capital raising, Executive Director Mr David Breeze said:
"We have received strong interest in the placement and will see the introduction of several new sophisticated investors, including high net worth, family office and resource funds to our register.
The funding 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."
USE OF FUNDS
The proceeds raised under the Placement provide BPH with a strong cash position to fund its hydrocarbon projects.
The intended use of funds will be for:
- $0.2 million - Further Investment in Clean Hydrogen Technology
- $0.7million - Funding for exploration and development of oil and gas investments
- $0.1 million - For working capital including costs of the offer
PLACEMENT DETAILS
The Placement offer price of $0.019 per share represents a 13.6% discount to BPH's closing price on Wednesday, 12 April 2023 of $0.022 per share, a 6.5 % discount to the 5-day VWAP of $0.0203 per share, and a 20.8% discount to the 14-day VWAP of $0.024 per share.
Settlement of the Placement is expected to be completed on 20 April 2023.
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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