BPH Energy Ltd. has successfully raised $1.9 million in a strongly-backed placement, fueling its next phase of development across hydrocarbon, Cortical Dynamics, and hydrogen investments. The company issued 95 million new shares at a price of $0.02 per share, attracting a mix of high net-worth, institutional, and family office investors.
Participants in the placement will also receive one attaching option (BPHOB.ASX) for every two new shares, with an exercise price of $0.03 and an expiry in September 2024.
The funding round was co-managed by Everblu Capital Corporate Pty Ltd and 62 Capital Limited, who will receive a 6% cash fee along with broker options.
With this new capital infusion, BPH is poised to execute its ambitious plans, expanding its footprint in the hydrocarbon and hydrogen sectors while advancing the commercialization of Cortical Dynamics.
Commenting on the capital raising, Executive Director Mr David Breeze said: “The continued support from existing sophisticated and institutional investors is appreciated, and we welcome the new shareholders to the Company. The strong response to the Placement indicates a high level of interest in all our activities, including the growing recognition of the importance of PEP-11 to securing Australia’s energy supply, the huge commercial opportunity we are developing with the BARM, and the prospectivity of our clean hydrogen investment. We are excited about all our investments and look forward to keeping shareholders updated on developments.”
USE OF FUNDS
The proceeds raised under the Placement provide BPH with a strong cash position to fund its
hydrocarbon projects.
The intended use of funds will be for:
- $0.2 million – Further Investment in Clean Hydrogen Technology
- $1.5 million – Funding for exploration and development of oil and gas investments
- $0.1 million – For working capital including costs of the offer
- $0.1 million -Funding for Cortical Dynamics
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