9th Dec 2015 10:19
LONDON (Alliance News) - PowerHouse Energy Group PLC on Wednesday said it has conditionally raised GBP250,000 after issuing shares to clients of SVS Securities PLC through a placing.
PowerHouse has issued over 41.6 million new shares in the company at a price of 0.6 pence per share, a significant discount to the closing price of 0.875p on Tuesday.
On Wednesday morning, PowerHouse shares were trading down 9.7% to 0.790p.
The 41.6 million new shares being issued represents 9.7% of PowerHouse's enlarged share capital, pushing its share total up to 430.2 million, with the proceeds being used for working capital.
The placing was arranged by Vicarage Capital Ltd, which has also been appointed as the company's joint broker.
By Joshua Warner; [email protected]; @JoshAlliance
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