TIDMPHE
RNS Number : 9938J
Powerhouse Energy Group PLC
22 August 2023
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22 August 2023
Powerhouse Energy Group Plc
(the "Company" or "PHE")
Placing to raise GBP1,000,000 and issue of equity
Powerhouse Energy Group Plc (AIM: PHE), a company pioneering
integrated technology that converts non-recyclable waste into low
carbon energy, is pleased to announce that it has raised GBP1
million, before expenses, through a placing at a price of 0.5p per
share ("Issue Price") (the "Placing" or "Fundraising"). The Placing
was arranged by the Company's broker, Turner Pope Investments (TPI)
Ltd ("TPI").
A total of 200,000,000 new Ordinary Shares of 0.5p each in the
capital of the Company ("Ordinary Shares") has been placed by TPI
at the Issue Price ("Placing Shares") with clients of TPI.
Use of Funds
The Directors have undertaken the Fundraising to increase the
Company's cash reserves following a revision of the business model
and to cover a significant proportion of the build and fit-out
costs for the Company's new Technology Centre in Bridgend. The
Technology Centre will become the Company's new head office as well
as housing a scale version of the Company's new feedstock testing
unit utilising the Company's proprietary DMG (R) technology, which
will serve as a reference site for potential customers, and for
development and project funding partners.
Broker Fee Shares
TPI will receive 8,000,000 new Ordinary Shares ("Broker Fee
Shares"), having elected to receive Ordinary Shares at the Issue
Price instead of cash in respect of certain professional fees.
Placing Agreement and issue of warrants
The Company and TPI have entered into a Placing Agreement
pursuant to which TPI has agreed, subject to certain conditions, to
use its reasonable endeavours to procure subscribers for the
Placing Shares at the Issue Price. The Company has given customary
warranties and undertakings to TPI in relation to, inter alia, its
business and the performance of its obligations. In addition, the
Company has agreed to indemnify TPI in relation to certain
liabilities that TPI may incur in undertaking the Placing. TPI has
the right to terminate the Placing Agreement in certain
circumstances prior to Admission (as defined below) and, in
particular, in the event that there has been, inter alia, a
material breach of any of the warranties. No part of the
Fundraising is being underwritten. The Placing is conditional upon
Admission (as defined below) taking place by no later than 8.00
a.m. on 1 September 2023 (or such later date as TPI may agree in
writing with the Company, being not later than 8.00 a.m. on 31
October 2023) and the Placing Agreement entered into between TPI
and the Company not being terminated prior to Admission.
Under the terms of the Placing Agreement, TPI will receive
warrants to subscribe for 16,000,000 new Ordinary Shares ("Broker
Warrants"). The Broker Warrants are exercisable at the Issue Price
for a period of three years from the date of Admission. The Broker
Warrants will not be admitted to trading on AIM or any other stock
exchange.
Admission to AIM
Application will be made to London Stock Exchange plc for the
200,000,000 Placing Shares and 8,000,000 Broker Fee Shares to be
admitted to trading on the AIM market of the London Stock Exchange
("Admission"). It is currently anticipated that Admission will
become effective and that dealings in the Fundraising Shares will
commence on AIM at 8.00 a.m. on or around 1 September 2023.
Total voting rights
On Admission, the Company will have 4,165,414,135 ordinary
shares of 0.5p each in issue, each with one voting right. There are
no shares held in treasury. Therefore, the Company's total number
of ordinary shares in issue and voting rights will be 4,165,414,135
and 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 to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Keith Riley, Acting CEO of PHE, commented:
"This placing comes at an exciting time for PHE, as the Company
pursues its first commercial developments as a partner as opposed
to a licensor. The net funds will be applied to general working
capital, including ongoing works to deliver our new Technology
Centre in Wales".
Tony Gardner-Hillman, Non-Executive Chairman of PHE,
commented:
"The ability to raise these funds demonstrates faith in the
Company's progress and enables us to move forwards with the
consolidation of our staff and technology into one location.
Potential customers, and development and project funding partners,
will be able to meet the team and see for themselves the proof of
the Powerhouse concept. This is a milestone for the Company. "
For more information, contact:
Powerhouse Energy Group plc powerhouse@tavistock.co.uk
Keith Riley
WH Ireland Limited (Nominated Adviser)
James Joyce
James Bavister +44 (0) 207 220 1666
Turner Pope Investments (TPI) Ltd
(Joint Broker)
Andrew Thacker
James Pope +44 (0) 203 657 0050
Tavistock (Financial PR) powerhouse@tavistock.co.uk
Simon Hudson
Nick Elwes
Heather Armstrong
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
About Powerhouse Energy Group plc
Powerhouse Energy has developed a process technology which can
utilise waste plastic, end-of-life-tyres, and other waste streams
to convert them efficiently and economically into syngas from which
valuable products such as chemical precursors, hydrogen,
electricity, heat and other industrial products may be derived.
Powerhouse Energy's process produces low levels of safe residues
and requires a small operating footprint, making it suitable for
deployment at enterprise and community level.
Powerhouse Energy is quoted on the London Stock Exchange's AIM
Market under the ticker: PHE and is incorporated in England and
Wales.
For more information see www.powerhouseenergy.co.uk
END
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END
IOEFZGZRMMFGFZZ
(END) Dow Jones Newswires
August 22, 2023 02:00 ET (06:00 GMT)
PowerHouse Energy (AQSE:PHE.GB)
過去 株価チャート
から 11 2024 まで 12 2024
PowerHouse Energy (AQSE:PHE.GB)
過去 株価チャート
から 12 2023 まで 12 2024
