Oracle Power PLC (AIM: ORCP) said it has raised £500,000 before expenses through a placing of 1.25 billion new ordinary shares. The placing shares represent about 7.4% of the enlarged issued share capital, so the positive development angle is funding for the Northern Zone.
The AIM-listed international project developer said the shares were placed at 0.04 pence each, representing a 20% discount to the closing mid-market price on July 2, 2026.
Oracle said the placing price was 186% higher than the price of its previous placing, completed in August 2025.
The company said the net proceeds will primarily be used to progress its projects in Australia, particularly the Northern Zone Gold Project near Kalgoorlie, where Oracle is aiming to move towards gold production following the recent grant of a mining lease.
Funds will also be used to advance the company’s projects in Pakistan and for general working capital.
Admission of the placing shares to trading on AIM is expected at 8.00 a.m. on or around July 9, 2026. The placing shares will rank equally with the company’s existing ordinary shares.
Following admission, Oracle’s issued share capital will comprise 16.97 billion ordinary shares, with no shares held in treasury. The same figure will also represent the company’s total voting rights.
CMC Markets UK PLC, trading as CMC CapX, acted as placing agent.
Chief executive Naheed Memon said the granting of the mining lease for Northern Zone was a key milestone for the company, its joint venture partner Riversgold Ltd and its funding and production partner.
She said the fundraise would provide additional capital to accelerate development activities until Oracle is able to generate revenue from its gold operations.
