Powerhouse Energy Group (LSE:PHE) is launching a Retail Offer of up to 125 million shares at an issue price of 0.2p per share to raise up to £250,000, and is running a separate conditional placing of 200 million shares at the same price to raise £400,000, to raise up to £650,000.
The net proceeds of the Placing and Retail Offer will be used, in priority order, to progress Ballymena planning and permitting, develop a FEED package to allow tenders for EPCm and work towards FID, continue research and development into alternative outputs from DMG and add equipment to the FTU process to prove at scale, and for working capital including additional projects, sales and marketing and strengthening the C‑Suite.
The two issues will create up to 325 million new shares in aggregate and the new shares, when issued, will be credited as fully paid and rank pari passu with existing shares.
The Retail Offer is being made in the UK through the BookBuild platform, will be coordinated by Turner Pope Investments as Retail Offer Coordinator, is open only to eligible existing UK shareholders via participating intermediaries and carries a minimum subscription of £100.
The Issue is conditional on the passing of relevant resolutions at a General Meeting expected on or around 14 May and the Company expects admission and dealings in Retail Offer shares to commence on 18 May, according to the announcement.
