Powerhouse Energy Group PLC (AIM: PHE) has closed an oversubscribed retail offer, raising £250,000 and extending its cash runway into early 2027.
The offer will result in the issue of 125 million new shares at 0.2p, subject to shareholder approval at a general meeting on 14 May. Combined with an earlier placing, the company has raised £650,000 in total, with the placing alone funding operations through to the end of 2026.
Admission of the new shares to AIM is expected around 18 May, pending approval.
Paul Emmitt, chief executive of Powerhouse Energy Group PLC, said the company was pleased with the strong investor participation in its oversubscribed retail offer.
He thanked shareholders for their support and said the board believes the proposed capital reorganisation—enabling completion of both the placing and retail offer—is in the company’s best interests.
Emmitt added that the board intends to vote in favour of the resolutions at the upcoming general meeting and is recommending that shareholders do the same.
Broker Turner Pope Investments will receive 32.5 million warrants exercisable at 0.2p over three years.
Powerhouse operates via its engineering arm Engsolve Ltd and focuses on converting non-recyclable waste into low-carbon energy through integrated technology systems.
