Provaris Energy Ltd has successfully raised A$1.5 million through a well-subscribed share placement, with the aim of supporting priority business development activities in Europe related to hydrogen and CO₂. The funds will also be utilized for preparing for the future restart of the company's prototype tank program. The placement, priced at A$0.02 per share, saw the issuance of 75 million new fully paid ordinary shares. This price represents a 5% discount to the last trade and a 10% discount to the 30-day Volume Weighted Average Price as of November 1, 2024. Notably, the placement garnered support from various investor segments, including institutional, sophisticated, and professional investors. Additionally, the participation of directors, who subscribed for shares totaling $125,000, signifies internal confidence in the company's direction. However, the director's investment is contingent upon shareholder approval at an Extraordinary General Meeting (EGM). The settlement of the placement is anticipated to take place on Tuesday, November 12, 2024, with the new shares set to be issued in line with the company's existing ASX Listing Rules 7.1 and 7.1A placement capacity. These new shares will rank equally with the company's current fully paid ordinary shares. Overall, this funding round marks a significant step for Provaris Energy Ltd in bolstering its activities in the hydrogen sector and gearing up for future advancements in the European market.