Quarterly Activities Report
Perth, Oct 31, 2022 AEST (ABN Newswire) - On 2 August the Company BPH Energy Limited (ASX:BPH) announced that, following its shareholders meeting on 21 June 2022 at which shareholders voted unanimously to approve to make an investment in hydrogen technology company Clean Hydrogen Technologies Corporation (Clean Hydrogen Technologies), BPH and its investee Advent Energy Ltd (Advent) have now settled for the acquisition of a 10% interest in Clean Hydrogen Technologies for $1,000,000 USD (8% BPH and 2 % Advent). BPH and Advent have a further first right of refusal to invest in Clean Hydrogen Technologies to a maximum of a further US$1m for a further 10%, on or before 31 December 2022.
Anthony Huston has been appointed as a director to the Board of the Vendor.
On 18 August 2022 the Company announced that it had received binding commitments to raise approximately $1.5 million (before costs) (Placement). The Placement comprised 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. The Placement was 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 launched a non-renounceable 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 in late November 2022, and will be listed subject to ASX requirements being met.
The Company also intends, subject to ASX approval and 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 November 2022 (Loyalty Options). The Loyalty Options will have the same exercise price and expiry date as the Attaching Options.
Everblu Capital Limited (Everblu) acted 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.
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
Subsequent to period end the Company announced it had received binding commitments to raise approximately $1.196 million (before costs) for the issue of 66,494,825 new fully paid ordinary shares ("Placement Shares") in the Company at an issue price of $0.018 per share, to be issued in two tranches as follows:
1. 52,099,087 Placement Shares will be issued pursuant to the Company's existing placement capacity under ASX Listing Rule 7.1A ("Tranche 1"); and
2. the remaining 14,395,738 Placement Shares will be issued subject to shareholder approval being granted at the next General Meeting of the Company ("Tranche 2"), expected to be held in late November 2022.
Placement participants will receive one (1) free attaching option for every one (1) New Share subscribed for under the Placement, 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 late November 2022. The Company intends to apply for quotation of the Attaching Options, subject to ASX requirements being met.
Everblu Capital Limited ("Everblu") acted as the Lead Manager for the Placement and will be paid a cash fee of 6% on funds raised and 1 Broker Option for every 3 Placement Shares issued, exercisable at $0.03 per share, expiring 30 September 2024. The Broker Options are subject to Shareholder approval.
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About BPH Energy Limited
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).
BPH Energy Limited