Pure Hydrogen raises cash for hydrogen ambitions
PERTH (miningweekly.com) – Hydrogen energy company Pure Hydrogen Corporation will raise A$9.4-million through a share placement to progress its hydrogen initiatives.
The company on Monday said that it would issue more than 32.4-million shares at a price of 29c each to sophisticated and institutional investors.
Along with the share, Pure Hydrogen would issue half an option. The options will be unquoted and will be exercisable into a share at a price of 45c each up until the end of March 2023.
“Pure is now very well funded to execute its business plan particularly around our well-advanced activities in building a large hydrogen business that establishes the company as a meaningful player in the hydrogen economy, a sector that is attracting considerable investment,” said Pure Hydrogen MD Scott Brown.
“While we are pleased with the progress to date, these new funds raised give us much greater flexibility to grow our hydrogen operations more aggressively.”
Pure Hydrogen is currently progressing five hydrogen projects, including plans to build four large-scale hydrogen hubs on Australia’s east coast, two of which will be located in Queensland, one in New South Wales, and one in Victoria.
A term sheet has already been inked sheet with private hydrogen project development company Port Anthony Renewables to build and develop a large-scale hydrogen production facility at Port Anthony, in Victoria, with an initial targeted production of 20 t/d.
Brown said on Monday that the company’s coal seam gas operations in the Surat basin were also advancing, and could be a significant value catalyst for the company.
“The three month flow testing operations commencing soon and we expect a steady stream of updates once this work stream commences,” he added.
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