Powerhouse Ener Regulatory News (PHE)

POWERHOUSE ENERGY GROUP PLC - Issue of Equity

PR Newswire

London, July 14

PowerHouse Energy Group plc

(“PowerHouse” or the “Company”)

Issue of Equity

PowerHouse is pleased announce that it has raised £250,000 by way of a direct subscription issuing 38,461,538 new ordinary shares of 0.5p each in the Company (“New Ordinary Shares”) at a price of 0.65 pence per New Ordinary Share. The New Ordinary Shares represent approximately 6.3 per cent. of the Company’s enlarged issued share capital.

Application is being made for the admission of the 38,461,538 New Ordinary Shares to trading on AIM and it is expected that this will occur on or around 21 July 2016. These shares will rank pari passu in all respects with the Company's existing issued ordinary shares.

Subsequent to the issuance of the New Ordinary Shares, the Company will have 607,934,536 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.

Keith Allaun, Executive Chairman of Powerhouse said, “As we move to completion of final testing and commissioning of the G3-UHt System in Brisbane, we’ve made the decision to expedite the hiring of several key project management and business development staff to support the Company’s commercial roll-out. Acquiring this additional capital will afford us greater flexibility, and allow us to respond to potential customer requests far more rapidly. We are confident that this infusion will see us through our next stage of development as a Company. With the uncertainty surrounding Brexit and potential market conditions, the Board and I believe that this move is in the best interests of the Company and our Shareholders.” 

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