PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, announces that it has raised £594,030 net of expenses by way of a placing of 98,807,004 new Ordinary Shares of 0.5p in the Company and a subscription for £100,000 of new Ordinary Shares at a subscription price of 0.5p per share.
98,807,004 new Ordinary Shares have been placed by Turner Pope Investments Ltd at a price of 0.5p per Ordinary Share (“Placing Shares”). In addition, one warrant exercisable for a period of 2 years at a subscription price of 0.5p per Ordinary Share, will be issued to participants in the Placing for every two Placing Shares acquired. This Placing exhausted the Company’s available authority to issue shares afforded it by the Shareholders at the last Annual General Meeting.
Additionally, 20,000,000 new Ordinary Shares are being subscribed by a private investor. One warrant exercisable under the same terms as the Placing Shares shall be issued to the private investor.
Application is being made for the admission of 98,807,004 new Ordinary Shares as a result of the Placing to trading on AIM and it is expected that this will occur on or around 13 July 2018. These shares will rank pari passu in all respects with the Company’s existing issued Ordinary Shares.
Subsequent to the issue of the new Ordinary Shares arising from the Placing, the Company will have 1,649,260,030 Ordinary Shares in issue.
Application will be made for the admission of 20,000,000 Subscription Shares to trading on AIM conditional upon the passing of a resolution at the Company’s annual general meeting on 27 July 2018 to increase the Company’s authorised share capital and it is expected that this will occur on 3 August 2018. These shares will rank pari passu in all respects with the Company’s existing issued Ordinary Shares.
PowerHouse has no shares in Treasury, therefore this figure may be used by Shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
The proceeds of this Placing and the Subscription will be used to further the Company’s Commercial activities including achieving independent, third party, Engineering Validation of the DMG® System processes, as well as progressing the relationship with Toyota Tsusho and other multi-national opportunities in the UK, the EU, and AustralAsia.
For more information, contact:
PowerHouse Energy Group plc Tel: +44 (0) 203 368 6399
Keith Allaun, Chief Executive Officer
WH Ireland Limited (Nominated Adviser) Tel: +44 (0) 207 220 1666
James Joyce / Chris Viggor
Turner Pope Investments Ltd (Joint Broker) Tel: +44 (0) 203 621 4120
Ben Turner / James Pope
Ikon Associates(Media enquiries) Tel: +44 (0) 1483 271291
Adrian Shaw Mob: +44 (0) 7979 900733
About PowerHouse Energy
PowerHouse Energy has developed a proprietary process technology called DMG® which can use waste plastic end-of-life-tyres and other waste streams to convert them into cost efficient energy in the form of electricity and ultra clean hydrogen gas fuel for use in cars and commercial vehicles (FCEV: Fuel Cell Electric Vehicles) and other industrial uses. The PowerHouse technology is the world’s first proven, modular hydrogen from waste (HfW) process.
The PowerHouse DMG® process can convert 25 tonnes of waste plastic into 1 tonne H2 per day and 28 MWh per day of electricity.
The PHE process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange’s AIM Market. The Company is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net