GENERAL TEXT AMENDMENT &
CLARIFICATION
The following amendments have been made to the ‘Equity Placings’
announcement released on 18 April
2018 at 12:10PM.
The number of New Ordinary Shares issued and being applied for
Admission in the text should read 115,255,355 representing 7.5 per
cent of the enlarged share capital. The Company has therefore
raised gross proceeds of £576,276.76 in addition to the 64,744,645
existing shares placed on behalf of Hillgrove Investments pty ltd,
thereby eliminating the shares related to the convertible note.
All other details remain unchanged. The full amended text is
shown below.
PowerHouse Energy Group,
plc
(“PowerHouse” or “the Company)
Equity
Placings
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 placed 180,000,000 ordinary shares, representing
an issue of 115,255,355 new shares and 64,744,645 existing
shares.
The Company has issued 115,255,355 New Ordinary Shares of 0.5p
each at 0.5p per share (“New Ordinary Shares”) in an over
subscribed placing and direct subscription to raise gross proceeds
for the Company of £576,276.76. 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.
In addition, all of the shares remaining in the control of
PowerHouse as a result of the Convertible Note with Hillgrove
Investments Pty Ltd (“Hillgrove”) 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 115,255,355 new
Ordinary Shares, representing 7.5 per cent of the enlarged share
issued shares in issue to trading on AIM (“Admission”) 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 providing the lowest cost 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 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
Enquiries:
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.