Oracle Power raises new cash at a premium to market price

Energy developer Oracle Power has issued 27,023,652 shares at 2.3p, raising £621,544.

The share placing has been done at a 20% premium to the closing price on 27 December. The stock has been bought by an undisclosed new investor and the company's joint broker Brandon Hill which accounts for 13,980,174 of the new shares.

Brandon Hill has also exercised warrants over 23,076,920 shares at 0.65p per share, resulting in £150,000 of gross proceeds being received by Oracle.

The AIM-quoted coal mine and power plant developer will use the new money to pay down a loan and for working capital.