Shares in Oracle Power PLC (AIM:ORCP) dropped 19% on Tuesday morning after the company announced 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, well below recent trading levels, to fund its operations in Australia and Pakistan, and for general working capital.
The funds will support progress on Oracle’s green energy and natural resource projects, including those in Western Australia and Thar, Pakistan. CMC CapX acted as placing agent for the transaction.
The shares dropped 0.0055p to 0.018p.