Provaris Share Purchase Plan Announcement

Provaris Energy Ltd (ASX: $PV1) has announced the launch of a $2 million Share Purchase Plan (SPP) to raise funds for ongoing hydrogen development activities in Europe and general working capital. The SPP offers eligible shareholders the opportunity to purchase fully paid ordinary shares in Provaris at a discounted price of $0.04 per share, with the additional benefit of receiving one free unlisted option for every three shares issued.

Executive Commentary on Share Purchase Plan

Provaris Managing Director and CEO, Martin Carolan, expressed gratitude to the shareholders for their continued support of the company's strategy and development of a hydrogen supply chain for Europe. He highlighted the increasing industry focus and recognition through collaborations, partnerships, and MOUs. Carolan emphasized the company's unique approach using compression for delivering hydrogen gas to Europe at a competitive cost, leveraging Provaris' H2Neo carriers. He also mentioned the company's ongoing assessment of alternative funding sources to minimize shareholder dilution while supporting the development program.

Summary of Provaris Share Purchase Plan

Provaris Energy Ltd (ASX: $PV1) has launched a $2 million Share Purchase Plan (SPP) to raise funds for ongoing hydrogen development activities in Europe and general working capital. The SPP offers eligible shareholders the opportunity to purchase fully paid ordinary shares in Provaris at a discounted price of $0.04 per share, with the additional benefit of receiving one free unlisted option for every three shares issued. The funds raised will be utilized for the development of proprietary IP and solutions for hydrogen storage and marine transportation, small-scale storage tank solutions, progression of hydrogen production and export project development opportunities, and general working capital requirements. The company aims to minimize shareholder dilution while providing necessary funding to support its development program.