- Firm commitments received for A$3.5M share placement (before costs) at A$0.65 per share.
- The Company remains funded to cover costs associated with the acceleration of the Sparc Hydrogen Pilot Plant and R&D programs in the Graphene division.
Sparc Technologies Limited (ASX: SPN) (Sparc, Sparc Technologies or the Company) is pleased to announce it has received firm commitments from sophisticated and other professional investors to raise A$3.5M (before costs) through a Share Placement (Placement). The Placement was strongly supported by existing and new institutional and high net worth investors.
Sparc Technologies Executive Chairman, Stephen Hunt commented:
“Sparc is very pleased to have received strong support from investors which we see as a vote of confidence for the green hydrogen technology and graphene products Sparc is   advancing. In particular, the capital raise puts Sparc in a solid financial position to pursue the fast tracking of the photocatalytic hydrogen pilot plant together with the Sparc Hydrogen JV partners, Fortescue Future Industries and The University of Adelaide.”
Capital Raising Details
Sparc has received binding commitments for a Placement to sophisticated and professional investors, comprising 5,384,616 new fully paid ordinary shares (New Shares) in the Company (the Placement) at an issue price of 65 cents (A$0.65) to raise $3.5M (before costs). An applicable Appendix 3B pertaining to this Placement follows this announcement.
Participants in the Placement will receive one free attaching unlisted option for every two shares subscribed for under the Placement. The options will be unlisted, have an exercise price of A$1.00 and exercisable on or before 30 November 2024 (Attaching Options). The Placement was conducted by Canaccord Genuity as lead managers and within the Company’s placement capacity under ASX Listing Rule 7.1 (2,692,308 options) and 7.1A (5,384,616 shares). Settlement of the Placement is expected to occur on 8 November 2022, with Placement shares expected to be allotted (pursuant to Listing Rules 7.1 and 7.1A) and to commence trading on 9 November 2022. An Appendix 2A confirming the exact allotments will be issued on the same date.
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