Provaris Energy (ASX:PV1) Closes SPP at $914,500 Against $600,000 Target for Hydrogen Tank Work

Sonal Goyal

21 October 2026 01:23 PM AEDT

Provaris Energy (ASX:PV1) Closes SPP at $914,500 Against $600,000 Target for Hydrogen Tank Work

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Key Highlights

Provaris Energy closed its share purchase plan with valid applications of $914,500 before costs, compared with a target of $600,000.
Directors accepted the full oversubscription amount, which means 228,625,000 new shares will be issued at $0.004 each on 21 October 2026.
The funds and existing cash will go to the hydrogen prototype tank, LCO2 tank work with Yinson Production AS, commercial development and working capital.
A total of 76,208,385 attaching options, exercisable at $0.013 and expiring three years after issue, await shareholder approval at the 27 November 2026 AGM.

Provaris Energy Ltd (ASX:PV1) has closed its Share Purchase Plan (SPP) with valid applications of $914,500 before costs, against a target of $600,000. The total rose after delayed electronic funds transfer (EFT) payments from eligible shareholders were received following an ASX announcement on 19 October 2026. Directors have elected to accept the full oversubscription amount, and the new shares are being issued on 21 October 2026.

How the Oversubscribed SPP Reached $914,500

The final result follows an ASX announcement on 19 October 2026. Provaris said the receipt of delayed EFT payments from eligible shareholders had increased valid applications to $914,500. An SPP is an offer that lets existing shareholders who meet the eligibility conditions buy new shares from the company, so the raising is made up of applications from the current shareholder base.

The company set the target at $600,000 and described the final outcome as 50% oversubscribed. On the stated figures, valid applications exceeded the target by $314,500. The Directors elected to accept the full oversubscription amount, so the entire $914,500 has been taken up by the company.

New shares under the SPP are being issued on Wednesday, 21 October 2026, and are due to begin trading on ASX on a normal basis from market open on Thursday, 22 October 2026. A total of 228,625,000 new shares will be issued at $0.004 each, which multiplies out to the $914,500 raised. At that price the $600,000 target would have equated to 150,000,000 shares, so the accepted raising adds 78,625,000 shares beyond that level. Provaris lodged an amended Appendix 3B, the ASX form for new securities issues, with further details.

Funding for Hydrogen Tanks, LCO2 Work and Working Capital

Provaris said the funds raised, together with its existing funds, will be applied to its existing work program, so the proceeds support activity already under way rather than a new project. The company listed four areas. The first is the hydrogen prototype tank, along with classification approvals and commercial readiness. The second is LCO2 tank engineering, approvals and commercialisation, which is being conducted with Yinson Production AS. The third is commercial and business development, and the fourth covers the costs of the SPP offer and general working capital.

Managing Director and CEO Martin Carolan said closing the SPP above target was an endorsement from shareholders of the company's funding strategy, and he thanked those who took part. He added that the support adds to the company's capacity to advance its hydrogen and LCO2 programs through technical, approval and commercial steps.

Provaris, which has offices in Sydney and Oslo, describes itself as advancing compressed hydrogen (H2) and carbon dioxide (CO2) storage and transport solutions. It works through proprietary tank designs alongside integrated supply chain development, and says its focus is on simplicity, efficiency and scalability and that it enables regional supply chains that support the global energy transition.

Attaching Options and the 27 November Shareholder Vote

As set out in the SPP Offer Booklet, valid applications are entitled to one free attaching unlisted option for every three new SPP shares subscribed for. Unlisted means the options are not quoted on the ASX. Subject to shareholder approval, a total of 76,208,385 attaching options will be exercisable at $0.013 and will expire three years from the date of issue. The exercise price is 3.25 times the $0.004 SPP issue price.

Provaris said the offer and issue of the attaching options, including their terms and conditions, will be made under a prospectus that the company will issue in due course. Shareholder approval for the issue of the options will be sought at the Annual General Meeting, which is scheduled for Friday, 27 November 2026. That meeting falls 37 days after the new SPP shares are issued on 21 October 2026.

Where the Share Purchase Plan Finishes

Provaris Energy Ltd (ASX:PV1) finished its SPP with valid applications of $914,500 before costs against a $600,000 target, after delayed EFT payments lifted the total following the 19 October 2026 announcement. Directors accepted the full amount, 228,625,000 new shares will be issued at $0.004 on 21 October 2026, and trading is due to start on 22 October 2026. The proceeds, with existing funds, are directed to the hydrogen prototype tank, LCO2 tank work with Yinson Production AS, commercial development, SPP offer costs and working capital, while the attaching options await shareholder approval at the 27 November 2026 AGM.

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