PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and end-of-life tyres, announces the placing of New and Existing Ordinary Shares with private shareholders.
Details of the Placing
The Company has issued 180,000,000 New Ordinary Shares of 0.5p each at 0.5p per share in an over subscribed placing and direct subscription to raise gross proceeds for the Company of £900,000.00. The net proceeds will be utilised to support the commercial development of PowerHouse’s proprietary technology DMG® which takes plastic and rubber waste streams and converts them into cost efficient energy in the form of electricity and ultra clean hydrogen gas fuel.
All of the shares remaining in the control of PowerHouse as a result of the Convertible Note with Hillgrove Investments Pty Ltd have now been placed. The final 64,744,645 Ordinary Shares of 0.5p remaining in relation to Hillgrove as announced on 31 January 2018 have been placed at 0.5p per share with private shareholders on behalf of Hillgrove which is now no longer a substantial shareholder in the Company. The Placings were carried out by the Company’s Broker, Turner Pope Investments TPI Limited, and Joint Placing Agent, Cornhill Capital.
Application is being made for the admission of 180,000,000 new Ordinary Shares, representing 11.7 per cent of the enlarged share issued shares in issue to trading on AIM and it is expected that this will occur on or around 25 April 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, the Company will have 1,532,558,289 Ordinary Shares in issue and there are 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.
Keith Allaun, CEO of PowerHouse, said: “We are delighted with the support from existing and new shareholders. The PowerHouse System continues to demonstrate that at commercial scale, our outstanding waste-to-hydrogen technology will be delivering distributed hydrogen in the most ecologically responsible, economically efficient, distributed manner, and position PowerHouse as a key hydrogen player. We intend to be one of the lowest cost providers of hydrogen fuel in the world, whilst making a major contribution to reducing the plastic and rubber waste problem- and dramatically reducing air pollution.”
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
|PowerHouse Energy Group plc
Keith Allaun, Chief Executive Officer
|Tel: +44 (0) 203 368 6399|
|WH Ireland Limited (Nominated Adviser)
James Joyce / Chris Viggor
|Tel: +44 (0) 207 220 1666|
|Turner Pope Investments TPI Ltd (Broker)
James Pope / Andy Thacker
|Tel: +44 (0) 203 621 4120|
|Gable Communications Limited
John Bick / Justine James
|Tel: +44 (0) 20 7193 7463|
About PowerHouse Energy
PowerHouse Energy has developed proprietary process technology called DMG® which takes plastic and rubber waste streams and converts 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 hydrogen from waste (HfW) process.
The PowerHouse process converts 25 tonne of plastic or rubber waste 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