Last checked at 12 Feb 2020 07:00
12 February 2020
Pressure Technologies plc
("Pressure Technologies", the "Company" or the "Group")
Further re: Proposed Offering by Greenlane Renewables Inc.
Further to its announcement of 11 February 2020, the Board of Pressure Technologies notes the subsequent announcement by Greenlane Renewables Inc. ("Greenlane") regarding its underwritten public offering (the "Offering"). Greenlane has confirmed the allocation of 20,000,000 units in the company pursuant to the Offering, (each unit comprising one common share and one-half of one common share purchase warrant) at a price of $0.50 per unit, raising gross proceeds of $10m.
The Offering is expected to close on or around 19 February 2020, with the proceeds of the Offering expected to be used for various purposes, including payment to Pressure Technologies against its outstanding promissory note. The proceeds of the Offering receivable by the Company is anticipated to be a minimum of approximately £2m. Following the closing of the Offering, the dilutive impact of the Offering on the Company's holdings of common shares is expected to be reduced to under 20% of the then-outstanding common shares of Greenlane.
The full text of the Offering Announcement and any associated regulatory filings can be found via the following link: https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00045658. The Company accepts no responsibility for the Offering Announcement, any associated regulatory filings or any information contained therein.
This announcement is for information purposes only and does not constitute or contain any invitation, solicitation, recommendation, offer or advice to any person to subscribe for, otherwise acquire or dispose of any securities in Greenlane or any other entity in any jurisdiction.
For further information, please contact:
Pressure Technologies plc |
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Chris Walters, Chief Executive | Tel: 0114 257 3616 |
Joanna Allen, Chief Financial Officer | pressuretech@investor-focus.co.uk |
N+1 Singer (Nomad and Broker) |
Tel: 0207 496 3000 |
Mark Taylor / Lauren Kettle
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IFC Advisory Ltd (Financial PR and IR) | Tel: 0203 934 6630 |
Graham Herring / Tim Metcalfe / Zach Cohen |
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COMPANY DESCRIPTION
Company description - www.pressuretechnologies.com
With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial gases and hydrogen energy markets.
The Group has two divisions, Precision Machined Components and Chesterfield Special Cylinders.
Precision Machined Components (PMC) - www.pt-pmc.com
● Precision Machined Components includes the Al-Met, Roota Engineering, Quadscot and Martract brands.
Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com
● Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland Gmbh, which is based in Dorsten, Germany.