Inspirit Energy Holdings PLC Placing (6571T)
18 Novembre 2019 - 8:00AM
UK Regulatory
TIDMINSP
RNS Number : 6571T
Inspirit Energy Holdings PLC
18 November 2019
18 November 2019
Inspirit Energy Holdings Plc
("Inspirit" or "the Company")
Placing
Inspirit Energy Holdings plc, the AIM listed developer of micro
combined heat and power boilers, is pleased to announce that it has
raised GBP300,000 through the placing (the "Placing") of
249,999,998 ordinary shares of 0.001 pence each (the "Placing
Shares") in the share capital of the Company ("Ordinary Shares") at
0.12 pence per Ordinary Share (the "Placing Price). The current
share price at the date of this announcement is 0.22 pence and the
Volume Weighted Average Price per share of 0.153 pence over the
last 15 days.
Further to the announcement of 13 November 2019, where the
Company announced that its Inspirit Charger had successfully
created a smaller prototype of the Stirling engine casting using
modern 3D printing methods with its partners in Poland, the funds
raised will a) allow the Company to finalise the development of the
new enhanced 6.4kW boiler and seek the associated accreditation
with a view to producing a unit for batch trail production and b)
provide general working capital.
In addition to the above, a debt of GBP31,000 is retired by
issuance of 25,833,333 shares at the Placing Price (the "Settlement
Shares").
Application has been made for the total of 275,833,331 Ordinary
Shares under the Placing and Settlement Shares to be admitted to
trading on AIM ("Admission"), such Admission is expected to occur
on or around 22 November 2019.
On Admission the Placing Shares and Settlement Shares will rank
pari passu in all respects with the existing ordinary shares of the
Company, including the right to receive all dividends and other
distributions declared after the date of their issue.
Total voting rights
Following admission of the Placing Shares and Settlement Shares,
the Company's enlarged issued share capital will comprise
1,696,640,188 Ordinary Shares. The Company does not hold any shares
in treasury. This figure 1,696,640,188 Ordinary Shares may be used
by shareholders in the Company 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.
John Gunn, Executive Chairman and CEO of Inspirit,
commented,
"After years of development and engineering, we are pleased that
the hard work by the team is starting to pay off and this financing
will give us the resources to take the business forward towards the
commercialisation of our appliance with our trial partners and work
with other applications of the Sterling technology . We will look
to further update shareholders further on these installations.
The Company will provide a further update as developments
progress.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
More information on Inspirit Energy can be seen at:
www.inspirit-energy.com
Contacts:
Inspirit Energy Holdings Plc
For further information please contact:
Inspirit Energy Holdings plc
John Gunn, Chairman and CEO +44 (0) 207 048 9400
Beaumont Cornish Limited
www.beaumontcornish.com
(Nominated Advisor)
Roland Cornish / James Biddle +44 (0) 207 628 3396
Global Investment Strategy UK
Ltd
(Broker)
Samantha Esqulant +44 (0) 207 048 9045
About Inspirit Energy Holdings Plc
Inspirit Energy Holdings plc is developing and commercialising a
highly efficient micro combined heat and power (mCHP) boiler for
commercial applications. The boiler is specifically designed to
meet the challenge of a reduced carbon energy supply and is capable
of running on natural gas, LPG and Biofuels. The appliance produces
hot water (for tap water or central heating) and electrical output
simultaneously. The installation can be of single or multiple
configuration and its high operating efficiency together with the
off set of electricity costs provides a very attractive investment
payback proposition.
Inspirit intends to explore opportunities to license out the
underlying technology and the Directors believe that, in some
instances, the patents owned by Inspirit may be also used in the
development of products other than a mCHP appliance. A prototype of
the appliance has been tested and shown to be capable of
simultaneous generation of up to 15kW thermal and up to 6.4kW
electrical output. Once development of the appliance has been
completed and commercialised, the Directors expect that the
appliance will initially be marketed in the UK and Europe and
eventually worldwide. Additional revenue streams may be possible
through product licensing, sales of warranties and further
development of the product.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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