Powerhouse Energy Group (AIM:PHE) said it has raised £0.5m gross by issuing 250m new shares at an issue price of 0.2p per share to accelerate delivery of its waste-to-energy projects and related initiatives.
The net proceeds are expected to provide a cash runway to the company, which converts non-recyclable waste into low-carbon energy, to cover anticipated activities for approximately the next 12 months, it said.
“These funds will allow us to further accelerate the delivery of our key projects whilst also enabling us to progress the initiatives that we are undertaking,” said Paul Emmitt, CEO.
The 250m Placing Shares represent approximately 4.95% of the enlarged share capital, which will total 5.05bn shares following admission.
Separately, Powerhouse has now launched a retail offer via the BookBuild platform of up to 75m shares at an issue price of 0.2p per New Ordinary Share to raise up to £150,000.
