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BPH Energy Ltd Raises $2.25 Million to Accelerate Funding of Hydrocarbon and Cortical Investments

BPH Energy Limited (ASX: BPH) (“BPH” or “Company”) is pleased to announce that it has received binding commitments to raise $2.25 million (before costs) (“Placement”). The Placement will comprise the issue of 68,183,943 new fully paid ordinary shares (“Placement Shares”) in the Company at an issue price of $0.033 per share.

HIGHLIGHTS:Binding commitments received to raise $2.25 million through a Placement at $0.033 per shareNew sophisticated investors including high net worth, family office and dedicated resource funds confirmed as participantsPlacement participants will receive one (1) Attaching Option (BPHOB) for every two (2) New Shares subscribed for under the Placement, exercisable at $0.03 per share, expiring 30 September 2024.BPH funded to execute its next phase of hydrocarbon and Cortical Dynamics funding

Placement participants will receive one (1) free Attaching Option (BPHOB) for every two (2) Placement Shares subscribed for under the Placement, exercisable at $0.03 each with an expiry date of 30 September 2024 (“Attaching Options”).

Oakley Capital Partners Pty Limited (“Oakley Capital”), Everblu Capital Corporate Pty Ltd (“Everblu”), and 62 Capital Limited (“62 Capital”) acted as joint Lead Managers for the Placement. Oakley Capital, EverBlu and 62 Capital will be paid a cash fee of 5% on funds raised under the Placement and 8,250,000 BHPOB Broker Options (“Broker Options”) pro-rata to their participation in the Placement.

The Placement (including the free Attaching Options and Broker Options) 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.

Click here for the full ASX Release

This post appeared first on investingnews.com
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