Business
Variation to Subscription and Warrant Agreement
Variation to Subscription and Warrant Agreement.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \n \n \n 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.\n \n \n \n \n \n \n 12 September 2022\n \n \n \n Powerhouse Energy Group Plc\n \n \n \n (the \"Company\", \"Powerhouse\" or \"PHE\")\n \n \n \n \n \n \n \n \n Variation to Subscription and Warrant Agreement with Peel\n \n \n \n \n \n \n \n \n Powerhouse Energy Group PLC (AIM: PHE), the pioneering integrated technology company which converts non-recyclable waste into low carbon energy, announced on 15 August 2022 that the Company was\n taking a 50% shareholding in Protos Plastics to Hydrogen No 1 Ltd. Further to the announcement of 5 September 2022 in which\n the Company announced variations to existing agreements with Peel NRE Ltd, Powerhouse is pleased to announce a variation to the Subscription and Warrant Agreement as follows:\n \n \n \n \n \n \n \n The Subscription and Warrant Agreement dated 9 September 2020 was made between (1) Peel Holdings (IOM) Limited (\"Peel\") and (2) Powerhouse Energy Group Plc (the \"Agreement\").\n This was originally announced as part of a wider fundraising in which ordinary shares in PHE were issued for cash at 2.5p per share (\"Issue Price\").\n \n \n \n \n \n Under the terms of the Agreement, Powerhouse agreed to grant to Peel a warrant to subscribe for 371,510,069 new Ordinary Shares (\"Peel Warrant\"). The Peel Warrant is exercisable (in whole or in part) within 6 months of financial close of Protos and was subject to a long-stop date of 2 years from the date of the grant. Further to the variation, this date has been extended until 31 March 2023. The exercise price of the Peel Warrant is 2.75p per share. The Peel Warrant provides Peel with a conditional right to subscribe up to approximately £10.2 million for up to 10% of the Company at a 10% premium to the Issue Price.\n \n \n \n \n \n Peel will be prohibited from trading shares issued upon exercise of the Peel Warrant for a period of 12 months from the date of Admission (subject to customary carve-outs).\n \n \n \n \n \n All other terms and conditions remain unchanged.\n \n \n ...