Oracle Power PLC (AIM:ORCP) told investors it has raised £500,000 through a share a placing, with the funds earmarked to advance projects in Australia and Pakistan.
The firm is issuing 3.57 million new shares at 0.014 pence each, a discount to the prior mid-price.
The company said proceeds will be used primarily to progress its projects in Australia and advance its energy projects in Pakistan, as well as for general working capital purposes.
“We are progressing very well with our projects in Australia and moving ahead with the development of our energy projects in Pakistan,” said chief executive Naheed Memon.
In London, Oracle Power shares fell 18% to trade at 0.014p, accounting for the new equity pricing.