Charles Russell Speechlys advises Oracle Power plc on £46.5m placing and subscription deed
Charles Russell Speechlys has advised AIM-listed international power and natural resource project developer, Oracle Power plc on its placing and subscription deed with a total value of £46.5m.
Oracle Power plc entered into a financing facility comprising a share subscription deed for new ordinary shares raising £1.5m before costs and a linked placing subscription facility for a commitment amount of up to £45m, subject to various conditions, together with the issue of warrants over ordinary shares. The facility was arranged by Riverfort Global Capital Ltd with certain investors, being YA II PN, Ltd and Riverfort Global Opportunities PCC Limited.
Commenting on the transaction, CEO Naheed Memon of Oracle Power plc said: "We believe that the execution of a funding facility on such a scale should prove to be a crucial element in unlocking the potential for Oracle's long term growth. Many thanks to the team at Charles Russell Speechlys for representing us with such commitment. Their efficiency was very helpful in the handling of the legal process.”
The Charles Russell Speechlys team was led by corporate partners Paul Arathoon and Victoria Younghusband.
