6th Jul 2018 09:49
LONDON (Alliance News) - PowerHouse Energy Group PLC on Friday said it has raised GBP694,030 through a share placing and subscription to progress its commercial activities.
The UK technology company said it placed 98.8 million shares at a price of 0.50 pence each, raising GBP597,030. It also raised an additional GBP100,000 via a subscription at the same price.
The stock was trading 3.9% lower on the day Friday at 0.50p per share.
PowerHouse said it will issue one warrant exercisable for a period of two years at a subscription price of 0.50p per share to participants of the placing and subscription for every two shares acquired.
Following the admission, the company will have 1.65 billion shares overall.
The proceeds will be used to further the company's commercial activities, it said. PowerHouse plans to achieve independent, third party, engineering validation of its distributed modular gasification system processes, as well as progress the relationship with Toyota Tsusho.
It also intends to seek other multi-national opportunities in the UK, the EU, Australia, and Asia.
Related Shares:
Powerhouse EnerToyota Motor