3rd Dec 2018 09:25
LONDON (Alliance News) - Powerhouse Energy Group PLC said Monday it has raised GBP650,000 through the placing of 130.0 million shares at 0.5 pence per share.
Shares in Powerhouse Energy were down 13% at 0.59 pence each.
The technology company focused on waste-to-energy systems said the placing will provide it with the capital to ensure the "continuity and expansion" of its commercial and engineering efforts for the foreseeable future.
"With this money secured, we are confident that we will be able to achieve our on-going commercial objectives as well as expand our testing and engineering capability with new personnel and with newly acquired, highly specialised, equipment," said Chief Executive Officer Keith Allaun.
"We also intend to further enhance our IP protection related to the DMG System and EcoSynthesis Gas production."
The placing was carried out by Turner Pope Investments.
PowerHouse Energy also raised an additional GBP50,000 from an exercise of 10.0 million warrants, also at 0.5p. The company said the investor who exercised the warrants has committed to hold the shares for at least 18 months.
Application will be made for the admission of 140.0 million shares to be traded on AIM on or around Monday next week.
PowerHouse Energy will have 1.86 billion shares in issue following the admission.
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