Extension of Warrant Term and Accounts correction

RNS Number : 1175R

Hydrogen Utopia International PLC

04 July 2022

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

 4 July 2022

Hydrogen Utopia International PLC

 (the 'Company' or 'HUI')

Extension of IPO Investor Warrant Term and 31 December 2021 Annual Report correction

Hydrogen Utopia International PLC (AQSE:HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, is pleased to announce that in the light of global supply chain disruptions and extended component lead times attributable to a mixture of Covid and geopolitical factors, the Directors have decided to extend the term of the 40,000,000 Warrants issued to investors as part of the placing and subscription that took place as part of the Company's IPO. Investors will now be able to subscribe for one new ordinary share for every share subscribed as part of the placing and subscription at any time until the fourth anniversary of the Company's Admission to trading on AQSE i.e. any time until 6^th January 2026.  

In the Company's recently published annual report and accounts for the 15 month period ended 31 December 2021, note 9 to the accounts stated that the chemical conversion chamber would be depreciated on a straight line basis once in use and that the chamber was expected to be operational in January 2025. The note should have said that depreciation of the chamber is expected to commence from the beginning of the 2025 financial period, the chemical conversion chamber being expected to become operational during 2024, in the absence of any further unexpected delays.

For more information about the Company, please refer to our website: www.hydrogenutopia.eu

For further information please contact:

Hydrogen Utopia International PLC

Aleksandra Binkowska/Guy Peters  [phone] 

Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)

Jon Isaacs                                                           [phone]                                                                                                                  

Novum Securities Limited (Broker)                                                                   

Jon Belliss/Colin Rowbury      [phone]   

About Hydrogen Utopia International PLC

HUI aims to become one of the leading new European companies specialising in turning non-recyclable mixed waste plastic into carbon-free fuels, new materials or distributed renewable heat.

A HUI facility uses non-recyclable mixed waste plastic as feedstock and turns it into syngas from which new products and energy can be produced. HUI anticipates that its revenues will be derived from a variety of sources, dependent upon location and configuration of the HUI facilities, including the sale of syngas, hydrogen and other gases, electricity and heat sales, and the payment to it of fees for a given quantity of non-recyclable mixed waste plastic received at a HUI facility .

HUI will target areas where there is significant private sector interest or potential, financial backing is accessible and or where substantial EU and/or government funded sources of grants and loans are or may be available. The global increase in fossil fuel-based energy prices reinforces the need for alternative, price competitive energy sources, which HUI's business model can provide.

The pressing need to deal with growing amounts of waste plastic combined with a real momentum in the use of hydrogen from renewable sources may pave the way for a rapid deployment of and investment in HUI facilities .

 

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