BPH has secured additional funds to accelerate its hydrogen, gas and carbon storage plans after receiving binding commitments for a $1.2m placement.

The placement of shares priced at 1.8c each follows on the company recently receiving applications totalling $1.83m for its non-renounceable rights issue of one share priced at 1.3c each for every 25 shares held.

Participants to the placement, which was managed by Everblu Capital, will also receive one option exercisable at 3c and expiring 30 September 2024 for every shares they subscribe for.

BPH Energy (ASX:BPH) notes it is now well funded to pursue the next phase of its hydrogen investment as well as the proposed PEP 11 Gas and Carbon Capture Storage project at Baleen offshore New South Wales, which is being advanced by Advent Energy (BPH 36.1%).

“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,” executive director David Breeze said.

“Advent has received a copy of the draft Environmental Plan which is currently being reviewed prior to release to enable the Environmental Consultation Process for PEP 11 and we are hopeful of conducting drilling, subject to resolution of the judicial review application in the Federal Court of Australia in relation to the extension of the PEP 11 Permit.

“The funding also 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.”

 

Use of funds

The bulk of proceeds from the placement will be used to fund further investment in clean Hydrogen Technologies Corporation (Clean Carbon), which has successfully developed and tested its turquoise hydrogen processing capabilities.

This processes methane using a patent pending catalyst and a modified fluidised bed reactor to produce hydrogen with no carbon dioxide emission along with a byproduct called conductive carbon that can be used in battery manufacturing.

Funds will also be used for the exploration and development of oil and gas investments.

 

This article was developed in collaboration with BPH Energy, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.