Shares in Oracle Power PLC (AIM: ORCP) tumbled 25% on Tuesday morning following the announcement of a heavily discounted share placing to raise £318,600.
The AIM-listed project developer issued 1.77 billion new shares at 0.018 pence each—significantly below recent trading prices—to support its operations in Australia and Pakistan and provide general working capital.
The net proceeds of the Placing will be primarily used to progress the development of the projects in Australia, as well as supporting the advancement of the projects in Pakistan, and for general working capital purposes.
CMC Markets UK plc, trading as CMC CapX, acted as the Company’s placing agent in respect of the Placing.
Naheed Memon, CEO of Oracle, commented:
“We continue to advance on a number of fronts with our projects in Australia, in particular, continuing to make good progress. We expect to provide further updates to the market on these in due course. This fundraise will provide us with additional funds to accelerate these activities.“
The shares fell by 0.0055p to 0.018p.
