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- Province Resources (PRL) has received firm commitments to undertake an $18 million placement
- All up, 120 million shares will be issued to professional and sophisticated investors at 15 cents
- Once the funds have been received, Province will use the funds to advance work at its HyEnergy Zero Carbon Hydrogen Project in WA’s Gascoyne Region
- Due to its location, Province is aiming to position the project as a potential renewable green hydrogen project
- The area averages 211 sunny days per year and has high wind speeds, making it suitable for solar and wind energy generation
- Province is steady on the market this morning and shares are trading at 17.5 cents
Province Resources (PRL) has received firm commitments to undertake an $18 million placement.
The company entered a trading halt on May 18 but did not disclose how much it intended to raise or what it would use the funds for.
All up, 120 million shares will be issued to professional and sophisticated investors at 15 cents.
Once the $18 million has been received, Province will have a cash position in excess of $23 million and will use the funds to advance work at its HyEnergy Zero Carbon Hydrogen Project.
Located in Western Australia’s Gascoyne Region, the HyEnergy Project is a potential renewable green hydrogen project.
The area averages 211 sunny days per year and has high wind speeds, making it suitable for solar and wind energy generation.
“The strong support demonstrated by the equity capital market and, in particular ESG and other institutional funds, of our vision to be a significant green hydrogen producer and mineral explorer is highly encouraging and allows us to aggressively pursue these goals,” Managing Director David Frances said.
Province is steady on the market this morning and shares are trading at 17.5 cents at 10:29 am AEST.
