Last checked at 24 Jan 2020 07:00
POWERHOUSE ENERGY GROUP PLC - Issue of EquityPOWERHOUSE ENERGY GROUP PLC - Issue of Equity
PR Newswire
London, January 23
PowerHouse Energy Group plc("PowerHouse" or the "Company")
Issue of Equity
PowerHouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, announces that the Company is issuing a total of 57,728,139 ordinary shares of 0.5p each in the Company (“Ordinary Shares”) further to the exercise of warrants at 0.5p per Ordinary Share and to various service providers for the settlement of fees.
5,500,000 Ordinary Shares are being issued further to the exercise of warrants at 0.5p per Ordinary Share. 47,732,518 Ordinary Shares are being issued at 0.5p and 4,495,621 Ordinary Shares are being issued at 0.717p to various service providers based on the average closing price for the relevant periods as set out the in agreements with the relevant parties.
Application has been made for the admission of 57,728,139 Ordinary Shares to trading on AIM (“Admission”) and it is expected that this will occur on or around 29 January 2020. These shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares.
Subsequent to the issue of Ordinary Shares, the Company will have 2,019,516,564 Ordinary Shares in issue. PowerHouse has no shares in Treasury, therefore this figure may be used by Shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For more information, contact:
| PowerHouse Energy Group plc | Tel: +44 (0) 203 368 6399 |
| David Ryan, Chief Executive Officer | |
| WH Ireland Limited (Nominated Adviser) | Tel: +44 (0) 207 220 1666 |
| James Joyce / Chris Savidge | |
| Turner Pope Investments Ltd (Joint Broker) | Tel: +44 (0) 203 657 0050 |
| Andrew Thacker / Zoe Alexander | |
| Ikon Associates(Media enquiries) | Tel: +44 (0) 1483 271291 |
| Adrian Shaw | Mob: +44 (0) 7979 900733 |
About PowerHouse Energy Group plc
PowerHouse has developed a proprietary process technology - DMG® - which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) process.
The PowerHouse DMG® process can generate up to 2 tonnes of road-fuel quality H2, and more than 58MW/h of exportable electricity per day.
The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange's AIM Market under the ticker: PHE, and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net