Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has secured A$1 million in funding through a share purchase plan (SPP) and placement of underwritten shortfall shares.
The additional funds will be used for commercial activities and the development of compressed hydrogen supply chain projects in Europe, in parallel with the company’s efforts to restart and complete the proprietary Prototype Tank program in Norway.
Read: Provaris Energy continues to progress European hydrogen supply chain engagement
Final applications totalled $724,500 with $275,500 placed under an underwriting agreement with five existing shareholders.
Long-term shareholders underwrite SPP
“The board extends its gratitude to all shareholders who participated in the SPP,” Provaris Energy chair Greg Martin said.
“We also express our sincere appreciation to each of the underwriters, who are long-term material shareholders, for their steadfast support of the SPP.”
Participants in the SPP (including underwriters) will receive 1 free attaching option for every three shares subscribed for.
The options exercise at $0.075 and an expiry date of two years from the date of issue.
Share and options will be issued today, with quotation to begin tomorrow, Friday, July 12, 2024.