BPH Energy (ASX:BPH) has announced it’s raising $1M through a 2cps placement to continue hydrocarbon exploration and the development of its Cortical MedTech.
Among the confirmed participants are a range of sophisticated investors, including family office proponents. Participants are also eligible for 1 attaching option for every 2 new shares valued at 3cps and exercisable in September this year.
BPH Energy shares were largely unchanged in early afternoon, trading at 2.1cps – closer to the placement price. The offer reflects a 16.7% discount to the closing price on Thursday 9 May.
“We were pleased with the strong support in the Placement and will see the introduction of several new sophisticated investors, including high net worth, family office and resource funds to our register,” BPH exec director David Breeze said.
“The funding allows BPH to accelerate the exploration programs to unlock the potential on our gas projects especially with the current gas supply crisis as well as assist the next phase of associate Cortical Dynamic Limited’s expansion.”
Cortical will see $150,000 of the funds while $750,000 will go towards “exploration and development of [energy] investments.”
A further $100K will go towards working capital (and placement fees.)
BPH last traded at 2.1cps.