Provaris Energy Ltd (ASX:PV1) has lodged an Appendix 3B with ASX disclosing a proposed securities purchase plan offering up to 120,000,000 fully paid ordinary shares at AUD $0.005 per share, with an attaching unlisted options issue of up to 40,000,000 options, according to a filing dated 28 September 2026.

Key Points

  • Up to 120,000,000 fully paid ordinary PV1 shares proposed to be issued under the securities purchase plan at AUD $0.005 per share.
  • Up to 40,000,000 unlisted options to be issued as attaching securities on a ratio of one option for every three shares issued, at no cost to participants.
  • Eligible shareholders may subscribe for parcels ranging from $1,000 to a maximum of $30,000 per shareholder.
  • Shareholder approval is required for the attaching options issue, with a determination date of 27 November 2026.
  • The offer closing date is 16 October 2026, with an issue date of 23 October 2026.

Securities Purchase Plan Offer Terms and Pricing

Under the securities purchase plan, Provaris Energy is offering fully paid ordinary shares at AUD $0.005 per security. Eligible shareholders may subscribe for parcels of $1,000, $2,500, $5,000, $10,000, $20,000, or $30,000. The offer is subject to a minimum acceptance value of $1,000 and a maximum acceptance value of $30,000 per shareholder. The record date for the offer was 25 September 2026. The filing states that the new shares will rank equally in all respects from their issue date with existing issued ordinary shares in the same class. The offer is not subject to a minimum or maximum subscription condition.

Attaching Unlisted Options Details

For every three ordinary shares issued under the plan, participants will receive one attaching unlisted option at no cost. The maximum number of unlisted options that could be issued if all offers are accepted is 40,000,000. The options carry an exercise price of AUD $0.013 each and will expire on 16 December 2029. Each exercised option will result in the issue of one fully paid ordinary PV1 share. Fractions arising from the offer ratio will be rounded up to the next whole number. The attaching options are a new class of securities and will not be quoted on ASX, according to the filing.

Conditions and Scale-Back Arrangements

The issue of the attaching unlisted options is conditional on shareholder approval, with the estimated date for that determination set at 27 November 2026. As at the filing date, that approval had not yet been received. The filing discloses that directors reserve the right to accept oversubscriptions, provided they do not exceed the $30,000 per shareholder threshold. Directors may also, in their absolute discretion, scale back applications on an equitable basis. The offer closing date is 16 October 2026, and the scheduled issue date for securities is 23 October 2026.