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, 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 (“Ordinary Shares”) (the “Placing”) and a
subscription for £100,000 of new Ordinary Shares at a subscription
price of 0.5p per share (“Subscription”).
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 (“Subscription Shares”). 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
(“Admission”) 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 1,649,61,730 Ordinary Shares in
issue.
Application will be made for the admission of 20,000,000
Subscription Shares to trading on AIM (“Admission”) 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