Provaris Energy

Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) is buoyed by the confidence demonstrated by new substantial shareholder Regal Funds Management Pty Ltd in its unique and proprietary solutions for storage and marine transport of gases, including hydrogen and CO2. Regal Funds Management, a subsidiary of ASX-listed specialist alternatives investment manager Regal Partners Ltd, has acquired 39,114,585 Provaris shares in two recent transactions for a 5.69% stake. This is based on the total Provaris shares on issue of 686,883,658 as disclosed by the company on November 13, 2024. Established in 2004, Regal Funds Management has grown to become one of Australia's most recognised and awarded alternative investment managers. With offices in Sydney, Singapore and New York, the business manages investments for a broad range of institutions, family offices, foundations and private investors, both domestically and offshore. A pioneer in the hedge fund and alternatives industry in Australia, Regal is home to one of the largest fundamental research teams in Asia-Pacific, offering multi-award-winning investment strategies across long/short equities, private markets and credit & royalties. Regal Funds Management achieving substantial shareholder status on November 13 follows Provaris’ well-subscribed placement which raised A$1.5 million. These funds will support priority business development activities in Europe related to hydrogen and CO2 as well as preparations for the future restart of the company’s prototype tank program. READ: Provaris Energy raises A$1.5 million to support hydrogen and CO2 initiatives The placement at A$0.02 per share was supported by institutional, sophisticated and professional investors, with 75 million new fully paid ordinary shares issued. The issue price represented a 5% discount to the last trade and a 10% discount to the 30-day Volume Weighted Average Price as at November 1, 2024. At the time, Provaris managing director and CEO Martin Carolan said: “The company is delighted with cornerstone support from a new Australian institution and international corporate investor in the placement and we also thank the ongoing support from existing major shareholders. "Provaris continues to advance the commercial and technical steps required for compressed hydrogen to be recognised as an enabler for regional production, storage and transport of bulk-scale hydrogen into North West Europe, addressing the industry challenges of cost, complexity and efficiency. "The recognition of our unique and proprietary solutions for storage and marine transport of gases is also creating early-stage commercial pathways in the established CO₂ shipping sector where the introduction of higher-volume CO₂ tanks and ships can reduce the storage and shipping costs,” he added. READ: Provaris Energy progresses key hydrogen and CO2 initiatives in Europe during quarter» Mehr auf proactiveinvestors.com