18th Nov 2019 09:07
(Alliance News) - Inspirit Energy Holdings PLC on Monday said it has raised GBP300,000 through a share placing to repay debt and continue development of its products.
The AIM-listed developer of micro combined heat and power boilers said it has issued 250.0 million shares at a price of 0.12 pence each.
Inspirit shares were trading 34% lower in London on Monday morning at 0.14p each, giving it a market capitalisation of GBP2.0 million.
The company explained that the proceeds will allow it to finalise the development of the new enhanced 6.4 kilowatts boiler and seek the associated accreditation with a view to producing a unit for batch trail production.
Inspirit also said it plans to repay GBP31,000 debt through the issue of 25.8 million shares. These are in addition to 250.0 million shares being issued in the placing.
Upon admission, the company will have 1.70 billion shares overall, it said.
"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," said Executive Chair & Chief Executive John Gunn.
By Evelina Grecenko; [email protected]
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