PERTH, AUSTRALIA — Hazer Group Ltd (“Hazer” or “the Company”) (ASX: HZR) is pleased to announce that it has received firm, binding commitments from institutional, sophisticated and professional
investors for $9.0 million (before costs) under a placement of fully paid ordinary shares at an issue price of $0.50 per share (“New Share”), together with a free attaching quoted HRZO class option exercisable at $0.75 each and expiring 28 February 2025 (“HZRO Option”) on a 1-for-4 basis (“Placement”).
Highlights
- Hazer Group Ltd announces successful $9.0 million funding through a placement, attracting strong support from existing and new investors.
- The funding will accelerate the scale-up of commercialization projects and explore additional commercial opportunities.
- A Share Purchase Plan (SPP) for eligible shareholders aims to raise an additional $4 million.
- The proceeds will support Hazer’s commercialization strategy, including the expansion of projects in Canada, Japan, and Europe.
The Company is also conducting a Share Purchase Plan (“SPP”) to raise up to $4 million (before costs). The SPP offers eligible shareholders (irrespective of the size of their shareholding) an opportunity to purchase New Shares on the same terms as the Placement (including the issue of free attaching HZRO Options) without incurring any brokerage, transaction, or commission costs.
Placement Details:
- Raised $9.0 million through the issue of 18,000,000 new shares at $0.50 per share.
- Included free attaching HZRO Options on a 1-for-4 basis.
- The offer price represents a discount to the recent trading prices.
- Directors of Hazer participated, subject to future shareholder approval.
SPP Offer Details:
- Aimed at raising up to $4 million, with eligibility for shareholders registered as of 16 February 2024.
- Offers a maximum of $30,000 worth of new shares to each eligible shareholder, with similar terms to the Placement.
The proceeds will be utilized to advance Hazer’s commercialization efforts, focusing on low-cost, clean hydrogen technology and decarbonizing hard-to-abate sectors.
Hazer’s CEO and MD, Glenn Corrie, said: “I would like to express our gratitude for the strong support for the Placement by new and existing shareholders, and welcome several new domestic and international institutional investors to the register. With this additional funding now secured, together with current cash and other, non-dilutionary sources of funding (ARENA funding milestones and R&D rebates), Hazer is well positioned to accelerate current commercial projects and secure further global licensing deals.
Achieving the first production of Hydrogen and Graphite from the CDP in January represented a watershed moment for Hazer and an inflection point in collaboration with our development partners ENGIE, Chubu & Chiyoda and FortisBC. We are working closely with the engineering and commercial teams at each project and feedback thus far has been encouraging and we are confident in our ability to convert these partnerships into commercial agreements.
Hazer’s low cost, proven clean hydrogen technology is shaping the future of the energy transition. We are dedicated to delivering the global commercial rollout of our technology, through tier-1 partnerships, advancing the decarbonisation of hard-to-abate sectors such as steel making, refining and petrochemicals where hydrogen and graphite is increasingly being viewed as a viable climate solution.”
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