BPH Raises up to $1.9 million in Placement and Rights Issue
BPH Raises up to $1.9 million in Placement and Rights Issue

Perth, Aug 18, 2022 AEST (ABN Newswire) - BPH Energy Limited (ASX:BPH) is pleased to announce that it has received binding commitments to raise approximately $1.5 million (before costs) (Placement). The Placement will comprise the issue of 115,384,615 new fully paid ordinary shares (Placement Shares) in the Company at an issue price of $0.013 per share as follows:

The Placement will be undertaken pursuant to the Company's existing placement capacity under ASX Listing Rule 7.1 and 7.1A. In addition to the Placement, the Company is launching a nonrenounceable Entitlement Offer to raise approximately $400,000 (before costs) through the issue of up to 30,769,230 million new shares (Entitlement Shares) at $0.013 per New Share (Entitlement Offer).

Placement and Entitlements Issue participants will receive one (1) free Attaching Option for every one (1) New Shares subscribed for under the Placement and Entitlement Offer, exercisable at $0.03 each with an expiry date of 30 September 2024 (Attaching Options). The Attaching Options will be subject to Shareholder Approval at the General Meeting and are expected to be granted on or around mid-September 2022, and will be listed subject to ASX requirements being met.

The Company also intends, subject to ASX approval of the timetable and the issue of a Prospectus in compliance with the Corporations Act, to undertake a loyalty option issue of one (1) option for every eight (8) shares held to all shareholders registered on a record date proposed to be on or around late September 2022) (Loyalty Options). The Loyalty Options will have the same exercise price and expiry date as the Attaching Options.

Everblu Capital Limited (Everblu) will act as the Lead Manager for the Placement and Entitlements Issue. Everblu will be paid a cash fee of 6% on funds raised by Everblu under the Placement and 1 Broker Option per 3 Placement Shares issued exercisable at $0.03 per share, expiring 30 September 2024. The Broker Options are subject to shareholder approval and if approval is not granted then a cash equivalent will be payable.

Commenting on the Capital Raising, Executive Director Mr David Breeze said:

"We have received strong interest in the placement through Everblu and will see the introduction of several new sophisticated investors, including high net worth, family office and resource funds to our register.

The Company will launch an Entitlements Offer on the same terms to ensure our existing shareholders have the opportunity to invest alongside these sophisticated investors.

The funding allows BPH to accelerate the exploration programs to unlock the potential on both our hydrogen and gas projects especially following the recent gas crisis and focus on hydrogen.

We welcome the new shareholders and look forward to eligible shareholders supporting BPH as we continue our activities.

USE OF FUNDS

The proceeds raised under the Placement and Entitlement Offer provide BPH with a strong cash position to fund its hydrocarbon projects.

The intended use of funds will be for:

- $0.90 million - Further Investment in Clean Hydrogen Technology

- $0.68 million - Funding for exploration and development of oil and gas investments

- $0.32 million - For working capital including costs of the offer

PLACEMENT DETAILS

The Placement and Entitlement Issue offer price of $0.013 per share represents an 18.8% discount to BPH's closing price on Friday, 12 August 2022 of $0.016 per share, a 23.7 % discount to the 5-day VWAP of $0.01703 per share, and an 18.0% discount to the 15-day VWAP of $0.015852 per share.

Settlement of the Placement is expected to be completed on 22 August 2022.

The Placement has been conducted pursuant to the Company's existing Placement capacity under ASX Listing Rules 7.1 and 7.1A. A total of 99,742,238 new shares will be issued under Listing Rule 7.1 and 15,642,377 under Listing Rule 7.1A.

Placement Shares will rank equally with existing fully paid ordinary shares, noting that they will be issued before the Record Date for the Entitlement Offer and will also carry an entitlement to participate in the Entitlement Offer.

ENTITLEMENT OFFER

The non-renounceable Entitlement Offer will be offered to existing shareholders on a pro-rata basis at an issue price of $0.013 per share to raise up to $400,000 (before costs).

The pricing and terms of the Entitlement Offer have been set so that shareholders can obtain new shares at the same price and terms as subscribers under the Placement. Entitlements may only be exercised by Eligible Shareholders being persons with a registered address on the Company's Share Register in Australia or New Zealand. The Entitlement Offer shares will be issued pursuant to a disclosure document issued under section 713 of the Corporations Act to be lodged with the ASIC on a date to be confirmed. Placement shares will be entitled to participate in the Entitlement Offer.

*To view the timetable, please visit:
https://abnnewswire.net/lnk/E13298W4


About BPH Energy Limited

BPH EnergyBPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.

The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.

BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.

BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and  Swinburne University of Technology (SUT).

 


Contact

David Breeze
admin@bphenergy.com.au
www.bphenergy.com.au
T: +61 8 9328 8366



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