Why the BPH Energy (ASX:BPH) share price rocketed 32% higher today

The BPH Energy Ltd (ASX: BPH) share price was a very strong performer on Wednesday.

At one stage, the biotechnology and mineral exploration company’s shares were up as much as 32% to 22.5 cents.

The BPH Energy share price ultimately gave back some of these gains and ended the day 23.5% higher at 21 cents.

Why did the BPH Energy share price rocket higher?

Investors were buying BPH Energy shares this morning after they returned from a trading half following the successful completion of a placement.

According to the release, the company has raised a total of $9 million via the placement of ~69.2 million shares to sophisticated and professional investors at a price of 13 cents per share. This placement price represents a 23.5%…