For its non-renounceable rights offer to finance investments in clean hydrogen as well as oil and gas exploration and production, BPH has received applications totaling $1.83 million.
Applications were submitted for the issuance of one share priced at 1.3c for every 25 shares owned, including the shortfall offer. For each subscriber to shares, investors received a free attaching option with a 3c exercise price and a 30 September 2024 expiration date.
The rights issue and $1.5 million share placement’s proceeds will be utilized to further invest in clean hydrogen technologies as well as to explore and develop the company’s oil and gas holdings.
The investment in Clean Hydrogen Technologies Corporation (Clean Carbon), which has successfully developed and tested its unique hydrogen processing capabilities, has been accepted by the company’s shareholders. Additionally, Clean Carbon creates conductive carbon, which is used in the production of batteries.
The difference is in the effectiveness and caliber of the carbon produced by Clean Carbon, even if the methane pyrolysis process itself is not novel. The supply chains and infrastructure already in place need to be changed very little as a result of the technology now in development.
Additionally, funds will be utilized to develop the Northern Territory’s onshore Bonaparte Basin’s RL1’s gas resources.