RE: not consolidation read RNS21 Jun 2017 07:56
Sorry I missed some off.
20/06/2017 7:00am
UK Regulatory (RNS & others)
Halosource Di (LSE:HALO)
Intraday Stock Chart
Today : Wednesday 21 June 2017
TIDMHAL TIDMHALO
RNS Number : 5349I
HaloSource Inc
20 June 2017
20 June 2017
THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
HaloSource, Inc.
("HaloSource" or the "Company")
Completion of GBP1.8 million fundraise
HaloSource Inc. (HAL.LN, HALO.LN), the global clean water technology company traded on London Stock Exchange's AIM market, is pleased to confirm that the Company has raised approximately GBP1.8 million ($2.2 million) through the issue of an aggregate of 117,692,560 new common shares to new and existing investors at a price of 1.5 pence per new Common Share (the "Placing Price").
Highlights of the Fundraise
-- The Company has raised approximately GBP1.0 million ($1.3 million) through a placing (the "Placing") of 68,826,609 new Common Shares (the "Placing Shares") and subscriptions (together with the Placing, the "Fundraise") for 48,865,951 new Common Shares (the "Subscription Shares", together with the Placing Shares, the "New Common Shares"), in each case at the Placing Price.
-- The net proceeds of the Fundraise will provide additional working capital to the Company, fund commercialisation of the Company's lead removal technology and allow the Company to expand its drinking water business.
-- The New Common Shares will represent approximately 35% of the enlarged issued common share capital of the Company.
-- The necessary shareholder resolutions to enable the Fundraise to be completed were passed at the general meeting of the Company previously convened on 17 May 2017. The resolutions passed provided the Company with the authority to allot up to 600,000,000 shares of common stock and up to 125,377,866 new common shares on a non-pre-emptive basis.
-- Liberum Capital Limited ("Liberum") is acting as nominated adviser in connection with the Fundraise. Hybridan LLP ("Hybridan") is acting as sole broker in connection with the Fundraise.
Reasons for the Fundraise and Use of Proceeds
Since 2016 the Company has continued to take proactive steps in order to reduce its cash burn rate. However, the Fundraise is necessary to provide the additional working capital to fund the Company beyond Q2 2017.
On completion of the Fundraise, the Company expects to have sufficient cash to fund it through to Q2 2018, and will be able to continue progress on the development and scale-up of the Company's new lead remova