BPH locks in $1m to accelerate hydrocarbon and cortical dynamics funding

BPH Energy has received binding commitments to raise $1.044m
The placement has been supported by new sophisticated investors including high-net-worth family offices and resource funds
Funds will be spent towards Cortical Dynamics and exploration and development

Special report: BPH Energy is setting out to raise $1m through a placement to new sophisticated investors including high-net worth family offices and dedicated resource funds.

This raise follows a $2.25m placement in February providing BPH Energy (ASX:BPH) with a strong cash position to drive its hydrocarbon projects in the NT and assist in the continued development of Cortical Dynamics.

Cortical Dynamics is a medical device neurotechnology company developing a product called BARM, an electric activity brain function monitor to detect the effects of anaesthetic agents on brain activity under a general operation, aiding anaesthetists in keeping patients optimally anaesthetised.

BPH also holds a 36% interest in unlisted company Advent Energy, owners of RL1 in the onshore Bonaparte Basin of the NT that has firm 2C (best estimate) contingent resources of 11.5 billion cubic feet for the Weaber gas field.

Together, the two companies settled for a 10% interest in US-based company Clean Hydrogen in December 2023, the developer of its own in-house solution to generate a clean hydrogen product, as well as solid carbon for batteries with no CO2 emissions from natural gas.

Unlocking gas potential

The placement, comprising 58,028,337 new fully paid ordinary shares at an issue price of $0.018 per share, will be spent on further exploration and development across BPH’s oil and gas investments as well as funding for Cortical Dynamics.

The offer price of $0.018 per share represents an 18.2% discount to BPH’s closing price of $0.022 per share on Thursday, 7 August and a 16.3 % discount to the 5-day VWAP of $0.0215 per share.

“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 executive director David Breeze says.

“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 Dynamics’ expansion.”

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.