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Oracle Power signs-up for £46.5mln of potential funding

"We believe that the execution of a funding facility with the Investors arranged by Riverfort on such a scale should prove to be a crucial element in unlocking the potential for Oracle's long term growth,” said chief executive Naheed Memon

Oracle Power PLC - Oracle Power Plc signs-up for £46.5mln of potential fundin

Oracle Power PLC (LON:ORCP) has brought in £1.5mln of new capital and put in place a further £45mln financing facility with Riverfort Global Capital.

The initial £1.5mln is being raised via a share subscription deed, with new shares to be issued in tranches over an eighteen-month period.

To land the £45mln facility the company is entering into a placing subscription facility (PSF) which will similarly make funds available against equity tranches, over a 60 month period, to support future project expenditures.

READ: Oracle making progress on Thar paperwork

The company said that the PSF increases its funding flexibility as current commercial activities at Thar Block VI continue.

"We believe that the execution of a funding facility with the Investors arranged by Riverfort on such a scale should prove to be a crucial element in unlocking the potential for Oracle's long term growth,” chief executive Naheed Memon said in a statement.

“We continue to strive to expedite progress at the Thar Block VI Project in Pakistan and are committed to achieving project milestones in as short a timeframe as practicable.

“In parallel with this, the board remains aware of additional potential compelling opportunities, with the potential for a quick turnaround, to which we believe we can apply our experience and ability to develop lucrative power and natural resource projects.”

"We welcome the new investment in the company and consider it to reinforce the confidence in the quality of Oracle's existing interests and growth strategy and deliver high returns for all stakeholders," he added.

Quick facts: Oracle Power PLC

Price: 0.7275 GBX

AIM:ORCP
Market: AIM
Market Cap: £14.4 m
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