Provaris Energy Ltd (ASX: PV1) has successfully secured firm commitments, totalling AU$1.9 million (pre-expenses), through a placement of 47.5 million new fully paid ordinary shares at AU$0.04 per share. The placement drew significant interest from both current and fresh institutional and sophisticated investors. The raised capital will primarily support Provaris' proprietary hydrogen Prototype Tank development and testing program set to initiate in January 2024 in Norway, aiming to obtain Final Class Approvals for the innovative H2Neo hydrogen carrier.
Additionally, these funds will be allocated towards ongoing project development in Norway, specifically focusing on existing hydrogen collaboration initiatives, alongside covering corporate expenditures. Notably, Provaris' Directors have expressed substantial backing for the Company, committing to participate in the placement with a total of AU$230,000, pending shareholder approval.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
