AXP Energy (ASX:AXP) has raised $1.3 million through a two-tranche placement to sophisticated, professional, and institutional investors.
The placement included the issuance of 833,333,333 fully paid ordinary shares at $0.0015 per share, reflecting a 9.2% premium to the 15-day volume-weighted average price.
The company plans to allocate the raised funds towards advancing its modular data centres roll-out, utilising off-grid power generation from their Pathfinder Field in Colorado.
This initiative aims to repurpose stranded natural gas resources, strengthening AXP Energy's commitment to innovative energy solutions.
AXP's Chairman, Sam Jarvis, expressed gratitude towards contributors, stating, "We are grateful to shareholders and new investors for their commitment to this modest placement, our first since November 2020."
The Pathfinder Project, supporting partners like Blackhart Technologies in Bitcoin mining operations, aims to capitalise on high-demand data centre power needs in North America.
AXP Energy is also evaluating expansion prospects beyond the initial sites in Colorado.
AXP Energy is engaged in oil and gas exploration, development and production in the United States of America. The company's segments are geographic areas within its oil and gas basins in the United States: Denver-Julesburg Basin, and corporate and other.
At the time of reporting, AXP Energy's share price was $0.002.