Placing, director deals and change of advisor

RNS Number : 0824E

Inspirit Energy Holdings PLC

03 May 2017

 

3 May 2017

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

Placing, director deals and change of advisor.

Inspirit Energy Holdings plc, the AIM listed developer of micro combined heat and power boilers, is pleased to announce that it has raised £215,000 through the placing (the "Placing") of 172,000,000 ordinary shares of 0.1 pence each in the share capital of the Company ("Ordinary Shares") at a price of 0.125 pence per Ordinary Share (the "Placing Shares").

The funds raised will allow the Company to finalise the accreditation process and commence field trials with field trial partners as well as providing working capital for the Company's continuing development. 

In addition to the above, the company will be issuing further 34,000,000 shares to satisfy other professional fees.

In addition, John Gunn, the Company's Chairman and Chief Executive Officer, is Chief Executive Officer has proposed to invest a further £35,000 by subscribing to 28 million Ordinary Shares at 0.125 pence each.

A further announcement will be made once John Gunn's participation in the Placing has been completed

Application has been made for the 206,000,000 Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or about 9 May 2017. The shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.

The Company also confirms that excluding the Placing, it currently has cash resources of approximately £73,000.

Total voting rights

Following admission of the Placing Shares, the Company's enlarged issued share capital will comprise 1,142,806,857 Ordinary Shares. The Company does not hold any shares in treasury. This figure of 1,142,806,857 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 Guidance and Transparency Rules.

Change of Advisor

In addition, the Company has appointed SVS Securities Plc as the Company's joint broker with immediate effect

John Gunn, Executive Chairman and CEO of Inspirit, commented,

"This financing will give us the resources to take the business forward towards the commercialisation of our appliance with our chosen trial partners. We will look to further update shareholders shortly on these installations.

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

Contacts:
Inspirit Energy Holdings plc
John Gunn, Chairman and CEO	[phone]
Stockdale Securities Limited (Nominated Advisor and Joint Broker)
Antonio Bossi / David Coaten	[phone]
Peterhouse Corporate Finance (Joint Broker)
Lucy Williams / Duncan Vasey	[phone]

 SVS  Securities Plc                                        +44  (0) 203 700 0093

(Joint Broker)

Tom Curran

 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 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 independently tested and shown to be capable of simultaneous generation of up to 15kW thermal and up to 3kW 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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