PowerHouse Energy Group PLC (LON:PHE) has issued 280.4mln shares in respect of the convertible notes arrangement with finance house Hillgrove Investments.
The share issue finally settles the arrangement that was announced in February of last year; the shares were not issued to Hillgrove at that time as they were subject to a lock-in arrangement.
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Powerhouse, a technology company that is pioneering hydrogen production from waste plastic and used tyres, said 215.7mln of the issued shares have been placed with a variety of private and institutional investors at 0.51p a pop, raising around £1mln for Hillgrove.
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Hillgrove has now released the debenture it held over the intellectual property and assets of Powerhouse.
Shares in Powerhouse trade at 0.56p, having risen 6.7% on Wednesday.