Provaris Energy Secures AU$3 Million Facility From Macquarie Bank and Launches AU$2 Million Share Purchase Plan

Provaris Energy, a leader in the green hydrogen sector, is pleased to announce the successful acquisition of a two-year, AU$3 million ($2.08 million USD) convertible bond facility from Macquarie Bank. This strategic financial support is aimed at bolstering the company’s green hydrogen initiatives through its development program for 2024-2025, and enhancing working capital for the production and distribution of small-scale hydrogen tanks.

Despite this positive development, the market response saw Provaris shares falling by 15%, a reflection of ongoing investor concerns amidst broader economic contexts.

 

Further Strengthening Financial Foundations with Share Purchase Plan

In conjunction with the new funding facility, Provaris Energy is excited to launch a new share purchase plan aimed at raising up to AU$2 million ($1.39 million USD). This initiative offers our shareholders the opportunity to invest directly in the company without the burden of brokerage or transaction fees. Under the terms of the plan, shareholders can acquire up to AU$30,000 worth of new shares at an attractive price of AU$0.04 per share.

This share purchase plan is underwritten by our current institutional and sophisticated shareholders for half of the target amount, demonstrating strong confidence in Provaris Energy’s growth trajectory and strategic direction. No fees will be paid for this underwriting, ensuring maximum efficiency and benefit to our participating shareholders.

 

Commitment to Green Hydrogen Development

These financial maneuvers are part of Provaris Energy’s commitment to advancing our capabilities in the green hydrogen industry, enhancing our infrastructure, and meeting the growing global demand for sustainable energy solutions. The support from Macquarie Bank and the engagement of our shareholders are pivotal in our journey towards achieving these goals.

For more detailed information about these developments, stakeholders are encouraged to refer to our latest filings with the Australian bourse.

 

About Provaris Energy

Provaris Energy is dedicated to the development and commercialization of innovative green hydrogen solutions, focusing on the production and global distribution of hydrogen as a clean, sustainable energy source.

 

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