Pilot Energy received an equity capital commitment of $2.4 million from investors to develop the Mid West Clean Energy Project in Western Australia.

The placement to the investors includes the issuance of 121.2 million shares and 30.3 million unlisted options with an exercise price of 3.3 Australian cents, expiring on Aug. 25, 2025.

The company will also issue six million unlisted options to Whairo Capital, the lead manager of the placement, with an exercise price of 5 cents expiring on Nov. 1, 2026.

The issuance of the placement shares and options to the directors and the lead manager is subject to approval by the shareholders.