PERTH (miningweekly.com) – Hydrogen hopeful Hazer Group will raise A$15.3-million in a 3-for-16 entitlement offer to support ongoing operations at its commercial demonstration plant (CDP) post its start-up in 2023.
The entitlement offer will be priced at 48c a share, with participants also issued an attaching new option, on a one-for-two basis, with a strike price of 75c each and an 18-month duration.
Hazer said on Monday that the entitlement offer strengthened the company’s funding position and complemented its existing funding.
“We continue to prudently manage and maintain a healthy balance sheet and secure additional funding during the company’s pre-revenue phase. This funding together with our cash and other sources of funds, strengthens our liquidity enabling us to deliver our CDP as planned and concurrently execute our growth strategy, while enabling our existing shareholders to participate in this upside,” said Hazer MD and CEO Glenn Corrie.
“As we articulated during our strategy update, bringing our CDP online this year and accelerating the commercial scale-up projects with tier-1 partners seeking a near-term decarbonisation solution are key priorities. These will provide further validation of our disruptive technology which I’m confident will unlock further value creation opportunities for Hazer shareholders.”
Hazer has developed a process using natural gas and unprocessed iron-ore to create a low-cost and low-emissions clean hydrogen and a synthetic graphite.