Provaris Energy completed its share purchase plan and the placement of underwritten shortfall shares, garnering a total of $1 million before costs.

The share purchase plan will bolster the company's working capital, enabling it to pursue ongoing commercial activities related to establishing a compressed hydrogen supply chain in Europe and continue planning to restart its proprietary prototype tank program in Norway.

Final applications under the share purchase amounted to $724,500, with an additional $275,500 sourced from an underwriting agreement with five existing shareholders.

Participants of the share purchase plan, including the underwriters, will receive one free attaching option for every three shares subscribed.