Buru Energy Ltd (ASX:BRU, OTC:BRNGF) has completed its Share Purchase Plan (SPP) and a subsequent shortfall placement, raising approximately $2.35 million (before costs) to support activities under its Strategic Development Agreement with Clean Energy Fuels Australia to co-develop the Rafael Gas Project, ahead of binding agreements and a planned Final Investment Decision in the second half of 2026, and for working capital.
“We are very pleased that current shareholders have chosen to take part in the SPP. Along with the funds from the SPP Shortfall Placement and the recently completed Share Placement for $2.1 million, the proceeds will be used for activities that continue to reduce risk and enhance the certainty of success for the Rafael Gas Project, with the goal of generating initial cash flows by 2028," Buru Energy’s CEO Thomas Nador said.
"The Rafael Gas Project can significantly impact the Western Australian energy sector by ensuring the delivery of safe, secure, and reliable energy to the northwest of the State for many years. I thank our shareholders for their support and look forward to sharing updates on important developments as we
progress.”
About the raise
The SPP will see 69.2 million new ordinary shares issued, raising about $1.4 million. As total applications were below $3 million, the board exercised discretion to place the shortfall to third-party investors. A further $0.95 million has been raised via the SPP shortfall placement through the issue of 47.5 million new ordinary shares to a sophisticated and professional investor on the same terms as the SPP.
Under the SPP, eligible shareholders were able to apply for up to $30,000 of new fully paid ordinary shares at an issue price of 2.0 cents per share, without brokerage.
All new shares from the SPP and shortfall placement will be allotted on 14 October 2025, with trading to commence on Wednesday, 15 October 2025. Transaction confirmations and holding statements will be dispatched on or around 15 October 2025. The new shares will rank equally with existing Buru shares.
Subject to shareholder approval, participants in the SPP and shortfall placement will be offered one attaching option for every two shares issued, exercisable at $0.03 with a two-year expiry, for nil consideration.