Provaris Energy Ltd announces Share Purchase Plan

Provaris Energy Ltd (ASX: $PV1) has announced the opening of its Share Purchase Plan (SPP) on 13 May 2024. The SPP allows eligible shareholders to subscribe for up to A$30,000 worth of new fully paid ordinary shares in the capital of Provaris without incurring any brokerage or other transaction costs. The issue price under the SPP is A$0.04 per new share, representing a 16% discount to the closing price of shares on 30 April 2024 and a 12% discount to the volume weighted average price of shares for the 5 trading days to 30 April 2024.

Executive Commentary on Share Purchase Plan

The Share Purchase Plan (SPP) provides an opportunity for eligible shareholders to increase their investment in Provaris Energy Ltd without incurring any brokerage or transaction costs. The SPP offers new shares at a discounted price, aiming to raise approximately A$2 million before costs. Additionally, eligible shareholders who apply for new shares under the SPP will receive one free attaching option for every three new shares subscribed. The SPP is partially underwritten to an aggregate value of A$1 million by a group of Provaris' major shareholders, and the offer is expected to close at 5.00 pm (AWST) on 31 May 2024, unless extended, withdrawn, or closed earlier by the Company.

Summary of Share Purchase Plan

Provaris Energy Ltd (ASX: $PV1) has initiated a Share Purchase Plan (SPP) to raise approximately A$2 million before costs. The SPP allows eligible shareholders to subscribe for new fully paid ordinary shares at a discounted price of A$0.04 per share, representing a 16% discount to the closing price of shares on 30 April 2024 and a 12% discount to the volume weighted average price of shares for the 5 trading days to 30 April 2024. The SPP is partially underwritten to an aggregate value of A$1 million by a group of Provaris' major shareholders. The offer is expected to close at 5.00 pm (AWST) on 31 May 2024, and eligible shareholders may apply for a parcel of new shares valued at A$1,000, A$2,500, A$5,000, A$10,000, A$20,000, or A$30,000. The funds raised under the SPP are intended to be used for the ongoing development of Provaris' proprietary technology and solutions for the storage and marine transportation of hydrogen, as well as for general working capital purposes.