In its latest update, BPH Energy Limited (ASX:BPH) has notified that it has finalised a placement and intends to carry out a non-renounceable rights issue.
The placement comprises issue of ~29.9 million fully paid ordinary shares at an issue price of $0.015 per share, along with one free attaching option for every two shares subscribed for and issued to professional and sophisticated investors. The Company’s current placement capacity is to raise $449,813.
Following the issue of the shares under placement activity, the Company will conduct a non-renounceable rights issue of two shares for every five shares held by shareholders, at an issue price of $0.015 per share to raise up to ~$2.4 million, along with 1 free attaching option for every 2 shares subscribed for and issued.
BPH plans to use the proceeds of the Placement and Rights Issue to invest in Advent Energy Limited to raise its shareholding from 23 per cent to 36 per cent.
As at 01:18 PM AEST, BPH is trading at $0.018, up 5.9%.