PowerHouse Energy Group PLC (LON:PHE) has raised £594,030 net of expenses by via a placing and a share subscription at a price of 0.5p per share which it said will be used to further the company’s commercial activities.
The AIM-listed technology group, which is pioneering hydrogen production from waste plastic and used tyres, said 98,800,000 new ordinary shares were placed by broker Turner Pope Investments Ltd.
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In addition, the group said, one warrant exercisable for a period of 2-years at a subscription price of 0.5p per ordinary share, will be issued to participants in the placing for every two placing shares acquired.
The company also said 20,000,000 new ordinary shares are being subscribed for by a private investor at the same price, with one warrant exercisable under the same terms as the placing shares also to be issued to the private investor.
Powerhouse said the funds will be used for activities including achieving independent, third party, engineering validation of the processes of its DMG System, as well as progressing the relationship with Toyota Tsusho and other multi-national opportunities in the UK, the EU, and Australasia.
It added that the placing exhausted the company’s available authority to issue shares afforded it by shareholders at its last annual general meeting.
Powerhouse shares closed trading on Thursday ay 0.52p each.