Powerhouse Enrgy Grp Placing and Issue of Equity
03 December 2018 - 6:00PM
UK Regulatory
TIDMPHE
03 December 2018
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
Placing and Issue of Equity
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 GBP650,000 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 GBP
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)
Andy Thacker
Tel: +44 (0) 203 621 4120
Ikon Associates (Media enquiries)
Adrian Shaw
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
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