Placement
Perth, Aug 12, 2024 AEST (ABN Newswire) - BPH Energy Limited (
ASX:BPH) is pleased to announce that it has received binding commitments to raise $1.044 million (before costs) ("Placement"). The Placement will comprise the issue of 58,028,337 new fully paid ordinary shares ("Placement Shares") in the Company at an issue price of $0.018 per share. The Placement Shares will be issued pursuant to the Company's existing placement capacity under ASX Listing Rule 7.1A.
Placement participants will receive one (1) free Attaching Option for every two (2) Placement Shares subscribed for under the Placement, exercisable at $0.03 each, expiring 12 months from the date of issue ("Attaching Options"). The issue of the Attaching Options is subject to shareholder approval at a general meeting to be held on or about 25 September 2024. The Company will seek shareholder approval for a total of 29,014,168 Attaching Options.
Oakley Capital Partners Pty Limited ("Oakley Capital") and 62 Capital Limited ("62 Capital") acted as Joint Lead Managers for the Placement. Oakley Capital and 62 Capital will be paid a cash fee of 5.5% on funds raised under the Placement and subject to shareholder approval at the general meeting held on or about 25 September 2024, will receive 16,666,667 Broker Options ("Broker Options") exercisable at $0.03 each, expiring 12 months from the date of issue (pro rata to their participation in the Placement).
The Company will seek quotation of the Attaching Options and Broker Options, subject to ASX Listing Rule requirements being met.
Commenting on the capital raising, Executive Director Mr David Breeze said:
"We were pleased with the strong support 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 our gas projects especially with the current gas supply crisis as well as assist the next phase of associate Cortical Dynamic Limited's expansion.
USE OF FUNDS
The proceeds raised under the Placement provide BPH with a strong cash position to fund its hydrocarbon projects and to assist in the continued development of Cortical Dynamics.
The intended use of funds will be for:
- $0.794 million - Funding for exploration and development of oil and gas investments
- $0.1 million - For working capital including costs of the offer
- $0.15 million - Funding for Cortical Dynamics
To view the Placement Details, please visit:
https://abnnewswire.net/lnk/QWNA2ZK2
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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