Lignite coal mine and power plant developer Oracle Power has raised £500,000 at 0.425p a share.
Each placing share comes with a warrant exercisable at 0.85p a share and this warrant lasts for 24 months.
The cash will fund pre-development work with Chinese partners for the proposed mine in the south east of Sindh Province in Pakistan. A pre-development funding plan for Thar Block VI suggests that Oracle will retain 12.1% of the project and it has to provide pre-development funding of at least $300,000.
© 2020 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.