Loan Note conversion

RNS Number : 8536V

Inspirit Energy Holdings PLC

05 December 2019

 

5 December 2019

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

Loan Note conversion

Inspirit Energy Holdings PLC (AIM: INSP), the developer of micro Combined Heat and Power ("microCHP" or "mCHP") boilers, announced that on 25 November 2019 that it had £41,000 Convertible Loan Notes (CLN's) outstanding.

On 2^nd December 2019, the company received a loan conversion notices for £37,800 on the Convertible Loan Notes and £3,200 Loan Notes will remain outstanding.

The CLNs are convertible at the higher of either 0.07 p per Ordinary Share of 0.001p each (the "Ordinary Shares" or "Existing Ordinary Shares") or a discount of 25 per cent. to the previous trading day's closing mid-market share price (0.06.5p). Accordingly, the Company is now issuing 54,000,002 Ordinary Shares at a price of 0.07p per Ordinary Share.

Application has been made for the 54,000,002 Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or about 10 December 2019. The shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.

Total voting rights

Following admission of the Placing Shares, the Company's enlarged issued share capital will comprise 2,899,211,612 Ordinary Shares. The Company does not hold any shares in treasury. This figure 2,899,211,612 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

More information on Inspirit Energy can be seen at: www.inspirit-energy.com

For further information please contact:

Inspirit Energy Holdings plc
John Gunn, Chairman and CEO	[phone]
Beaumont Cornish Limited  www.beaumontcornish.com (Nominated Advisor)
Roland Cornish / James Biddle	[phone]
Global Investment Strategy UK Ltd (Broker) Samantha Esqulant	[phone]

About Inspirit Energy Holdings Plc

Inspirit Energy Holdings plc is developing and commercialising a highly efficient micro combined heat and power (mCHP) boiler for commercial applications. The boiler is specifically designed to meet the challenge of a reduced carbon energy supply and is capable of running on natural gas, LPG and Bio Fuels. The appliance produces hot water (for tap water or central heating) and electrical output simultaneously. The installation can be of single or multiple configuration and its high operating efficiency together with the off-set of electricity costs provides a very attractive investment payback proposition. 

Inspirit intends to explore opportunities to license out the underlying technology and the Directors believe that, in some instances, the patents owned by Inspirit may be also used in the development of products other than a mCHP appliance. A prototype of the appliance has been tested and shown to be capable of simultaneous generation of up to 15kW thermal and up to 6.4kW electrical output. Once development of the appliance has been completed and commercialised, the Directors expect that the appliance will initially be marketed in the UK and Europe and eventually worldwide. Additional revenue streams may be possible through product licensing, sales of warranties and further development of the product.

 

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