Pilot Energy Limited (ASX:PGY) has announced it has secured $3.44 million in binding commitments through a two-tranche private placement of approximately 955.6 million new shares at $0.0036 per share. The placement, which was significantly oversubscribed, saw strong support from existing shareholders and introduced new institutional investors to the register. Proceeds from the placement will be used to support corporate activity related to the Cliff Head operations, the Capture 6 Direct Air Capture project, general corporate costs, working capital, and costs associated with the offer. Directors and management have committed to participate for approximately $200,000 of the total funds raised.

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