Powerhouse this morning has confirmed its successful raising of £10 million (gross) new funding (‘the ‘Fundraising’) by way of an oversubscribed, strategic equity placing and subscription priced at 5.5p per share (the ‘Issue Price’).
Participating in the Fundraising were both an institutional investor and a small number of private shareholders, including the White Family (the Company’s largest shareholder).
The Directors believe that the availability of these new cash resources will expedite significantly financial close of the funding needs for the first commercial scale DMG® installation utilising the Company’s technology, which is targeted to be reached during the first quarter of 2021.
Completion of the first reference site is clearly commercially and strategically important, not least because it will permit participation at project level in the first commercial deployment (rather than just as a licensor of the DMG® technology), but also that it will become a model for the technology’s anticipated UK roll-out and provide a springboard for commencement of Powerhouse’s overseas marketing in order to attract international customers and partners. Admission of the new ordinary shares to trading on AIM is expected to occur on or around 21 January 2021.
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