Powerhouse Energy Group (LSE:PHE), the AIM-listed UK developer of waste-to-energy conversion technology and owner of engineering consultancy Engsolve, said the placing and an oversubscribed Retail Offer have raised £650,000, funds the board says will extend its operating runway into the first quarter of 2027.
The Retail Offer, which closed on 24 April, met and exceeded its £250,000 target and will result, subject to shareholders passing Resolution 2 at the general meeting on 14 May, in the issue of 125m Retail Offer Shares at an issue price of 0.2p per share, taking aggregate proceeds from the Placing and Retail Offer to £650,000.
The company said the Placing Shares and Retail Offer Shares will be issued fully paid and rank pari passu, that following Admission the total number of shares in issue will be 4.8bn, and that Turner Pope will be issued 32.5m warrants exercisable at 0.2p and expiring three years from Admission.
"We are delighted with the take up through the oversubscribed Retail Offer," said Paul Emmitt, chief executive.
