PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, is pleased to announce an equity fund raising by way of a placing of 130,000,000 Ordinary shares of 0.5p each in the Company (“Ordinary Shares”) at 0.5p per Ordinary Share (the “Placing Price”) to raise £650,000 before expenses.
PowerHouse has undertaken this placing to provide it with the capital to ensure the continuity and expansion of its commercial and engineering efforts for the foreseeable future.
This placing, was carried out exclusively by Turner Pope Investments, with the majority of their clients looking to take advantage of the EIS relief for which the Company has recently received HMRC advanced assurance, and that should be available on the newly issued shares.
In addition to the placing, a holder of PHE warrants has chosen to exercise those warrants at 0.5p which will provide the Company with an additional £50,000 of capital from the exercise. That holder has committed to hold the 10,000,000 Ordinary Shares arising from the exercise for a period of at least 18 months.
Keith Allaun, CEO of the Company, said: “With this money secured, we are confident that we will be able to achieve our on-going commercial objectives as well as expand our testing and engineering capability with new personnel and with newly acquired, highly-specialised, equipment. We also intend to further enhance our IP protection related to the DMG® System and EcoSynthesis Gas© production.”
Application will be made for the admission of 140,000,000 Ordinary Shares to trading on AIM and it is expected that this will occur on or around 10 December 2018. These shares will rank pari passu in all respects with the Company’s existing issued Ordinary Shares.
Subsequent to the issue of Ordinary Shares, the Company will have 1,856,431,621?Ordinary Shares in issue. 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.
For more information, contact:
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 (Sole Broker)
Tel: +44 (0) 203 621 4120
Ikon Associates (Media enquiries)
Tel: +44 (0) 1483 271291
Mob: +44 (0) 7979 900733
About PowerHouse Energy
PowerHouse Energy has developed a proprietary process technology – DMG® – which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into EcoSynthesis Gas© from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) processes.
The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and more than 28MW/h of exportable electricity per day with its low-carbon technology.
The PowerHouse 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 under the ticker: PHE, and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net