Placing

RNS Number : 6571T

Inspirit Energy Holdings PLC

18 November 2019

 

18 November 2019

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

Placing

Inspirit Energy Holdings plc, the AIM listed developer of micro combined heat and power boilers, is pleased to announce that it has raised £300,000 through the placing (the "Placing") of 249,999,998 ordinary shares of 0.001 pence each (the "Placing Shares") in the share capital of the Company ("Ordinary Shares") at 0.12 pence per Ordinary Share (the "Placing Price). The current share price at the date of this announcement is 0.22 pence and the Volume Weighted Average Price per share of 0.153 pence over the last 15 days.

Further to the announcement of 13 November 2019, where the Company announced that its Inspirit Charger had successfully created a smaller prototype of the Stirling engine casting using modern 3D printing methods with its partners in Poland, the funds raised will a) allow the Company to finalise the development of the new enhanced 6.4kW boiler and seek the associated accreditation with a view to producing a unit for batch trail production and b) provide general working capital.

In addition to the above, a debt of £31,000 is retired by issuance of 25,833,333 shares at the Placing Price (the "Settlement Shares").

Application has been made for the total of 275,833,331 Ordinary Shares under the Placing and Settlement Shares to be admitted to trading on AIM ("Admission"), such Admission is expected to occur on or around 22 November 2019.

On Admission the Placing Shares and Settlement Shares will rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive all dividends and other distributions declared after the date of their issue. 

Total voting rights

Following admission of the Placing Shares and Settlement Shares, the Company's enlarged issued share capital will comprise 1,696,640,188 Ordinary Shares. The Company does not hold any shares in treasury. This figure 1,696,640,188 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.

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

"After years of development and engineering, we are pleased that the hard work by the team is starting to pay off and this financing will give us the resources to take the business forward towards the commercialisation of our appliance with our trial partners and work with other applications of the Sterling technology . We will look to further update shareholders further on these installations.

The Company will provide a further update as developments progress.

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

Contacts:

Inspirit Energy Holdings Plc

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 Biofuels. 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.

 

END

 

 

IOEGGGMAGUPBPUQ