17th May 2016 08:53
LONDON (Alliance News) - Inspirit Energy Holdings PLC on Tuesday said it has raised GBP750,000 via a share placing to back the continued development of its micro combined heat and power boilers.
Inspirit has issued 150.0 million shares at 0.5 pence per share. It also will issue one warrant for every two placing shares subscribed, valid for 12 months and exercisable at 0.5p.
Inspirit Energy shares were down 14% to 0.49p.
The funds will allow Inspirit to finalise the accreditation process for its boilers and start field trials with partners, in addition to providing working capital.
As part of the placing, John Gunn, Inspirit's chairman and chief executive, will invest GBP50,000 through another company in which he is involved.
Gunn is also the chief executive of Octagonal PLC, an AIM-listed firm which generates the bulk of its revenue from its GIS global settlement and safe custody services subsidiary. He also owns a 52% stake in Octagonal. The GIS subsidiary will invest GBP50,000 in the placing, meaning Gunn's total beneficial holding in Inspirit will rise to 39.5%.
By Sam Unsted; [email protected]; @SamUAtAlliance
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