17th Jul 2015 15:29
LONDON (Alliance News) - Inspirit Energy Holdings PLC Friday said it has raised GBP365,000 through the placing of 77.7 million shares at 0.47 pence each.
The company, which is developing a micro combined heat and power (mCHP) boiler, said that the money will provide working capital to fund the development of its first verification boiler, which began construction in June.
"As reported in the announcement of June 15, the verification unit is currently being put through a testing regime at the company's Sheffield development facility. All testing results are matching the design team's criteria and are in-line with expectations," Non-Executive Chairman David Lenigas said in a statement.
"Following final in-house testing, it will be transferred to the independent consultants Enertek for validation of its conformance with the European Gas Appliance Directive. This process is aimed at achieving 'Unit Approval' through BSI validation and certification to ensure that it meets all the statutory requirements to allow its installation in commercial premises for trial purposes," he added.
Inspirit added that Chief Executive John Gunn will participate in the placing by investing GBP75,000 and Lenigas will convert an existing loan of GBP50,000 into placing shares.
Gunn also transferred 18.8 million shares to former investors in Disenco Ltd, the company which originally developed the Inspirit technology, for nil consideration.
Following the transactions, Gunn will hold 355 million shares representing 45.6% of Inspirit's issued share capital, and Lenigas will hold 16.6 million shares, representing 2.1% of its share capital.
Shares in Inspirit closed down 9.3% at 0.490 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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