Hydrogen Future Ind. - Completion of £545,000 Subscription
20/02/2024 12:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240220:nRST7922Da&default-theme=true
RNS Number : 7922D Hydrogen Future Industries PLC 20 February 2024
20 February 2024
Hydrogen Future Industries PLC
("HFI" or the "Company")
Completion of £545,000 Subscription, Issue of Warrants,
Director & PDMR Participation and Related Party Transactions
Hydrogen Future Industries PLC (https://hydrogenfutureindustries.com/) (AQSE:
HFI), a developer of a proprietary wind-based green hydrogen production system
featuring an advanced aerodynamic wind turbine and a high-performance
electrolyser, is pleased to announce that the Company has successfully
completed a subscription to raise gross proceeds of £545,000 through the
issue of 10,900,000 new ordinary shares of 1 pence each ("Ordinary Shares") at
a price of 5 pence per new Ordinary Share ("Subscription Price"). The
subscription includes one warrant for every two new Ordinary Shares subscribed
for, exercisable at the Subscription Price for a period of two years from
Admission (as defined below) (the "Warrants"), (together, the "Fundraise"). In
aggregate 5,450,000 Warrants have been issued as part of the Fundraise.
Alongside other existing and new investors, Neil Ritson and Daniel Maling,
Directors of the Company, and the Company's largest shareholder and PDMR,
Timothy Blake (also a director of the Company's wholly owned development
subsidiary) have participated in the Fundraise.
Further details of the Director and PDMR Participation (as defined below) can
be found below.
Use of Proceeds
The proceeds of the Fundraise will be used to fund the ongoing feasibility
study within the mining sector, further develop the Company's existing
technologies, and strengthen the Company's working capital position.
Director, PDMR Participation
The following directors and PDMRs have taken part in the Fundraise as follows
(together the "Director & PDMR Participation"):
Name Position Amount No. of Ordinary Shares to be issued No. of Warrants to be issued Resulting Resulting % shareholding following Admission
shareholding following Admission
Timothy Blake PDMR £50,000 1,000,000 500,000 15,000,000 24.83%
Neil Ritson Director £25,000 500,000 250,000 700,000 1.16%
Daniel Maling Director £25,000 500,000 250,000 1,700,000 2.81%
Total £100,000 2,000,000 1,000,000
Related Party Transactions
The individuals participating as part of the Director & PDMR Participation
in the Fundraise are considered "Related Parties" as defined under the AQSE
Growth Market Access Rulebook. The Director & PDMR Participation therefore
constitutes a Related Party Transaction for the purposes of Rule 4.6 of the
AQSE Growth Market Access Rulebook.
Fungai Ndoro, a Non-executive Director of the Company, confirms that, having
exercised reasonable care, skill and diligence, the related party transactions
are fair and reasonable insofar as the shareholders of HFI are concerned.
Intended Subscription
Fungai Ndoro, a Non-Executive Director of the Company, intends to subscribe
for 150,000 new Ordinary Shares on the same terms as the Fundraise. A further
announcement will be made in due course.
Daniel Maling, Executive Director, commented:
"HFI is working with a global mining major in the USA to demonstrate the
feasibility of its system to turn wastewater into a feedstock to generate
clean energy and clean water to power mining operations. Considering mines
require huge energy resources and generate large volumes of wastewater, the
implications of this feasibility study could be significant.
Funds from the Fundraise will enable the Company to progress the feasibility
study and continue the development of the wind turbine and electrolyser
technologies, as well as strengthen its working capital position. It is great
to see further endorsement from the Board and key management by participating
alongside myself in the Fundraise."
Admission
Application has been made for the 10,900,000 Ordinary Shares to be admitted to
trading on the Aquis Stock Exchange Growth Market ("Admission"). Admission is
expected to occur at 8:00 a.m. on or around 26 February 2024.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise
60,400,000 ordinary shares, with each share carrying the right to one vote.
Therefore, the total number of voting rights in the Company will be
60,400,000. This figure may be used by shareholders as the denominator for
calculations by which they will determine if they are required to notify their
interest in the Company, or a change to their interest in the Company, under
the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries:
Hydrogen Future Industries plc
Daniel Maling, Executive Director +44 (0)20 3475 6834
Vigo Consulting (Investor Relations)
Ben Simons +44 (0)20 7390 0230
Peter Jacob
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti +44 (0)20 7213 0880
Liam Murray
Peterhouse Capital Limited (Broker)
Duncan Vasey +44 (0) 20 7469 0930
Inside Information
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company accept responsibility
for the contents of this announcement.
About Hydrogen Future Industries
Hydrogen Future Industries was established to invest in projects and companies
focused on the Hydrogen Economy. We are developing a proprietary wind-based
hydrogen production system, incorporating hydrogen compression and storage.
Through this technology, we aim to significantly reduce the cost of hydrogen
production from renewable sources and provide on-demand energy storage in the
form of hydrogen at a fraction of the cost of lithium-ion battery storage.
Click here
(https://hydrogenfutureindustries.com/wp-content/uploads/2022/07/HFI-Flyer-for-Website.pdf)
for more information about Hydrogen Future Industries.
Visit our website: www.hydrogenfutureindustries.com
(http://www.hydrogenfutureindustries.com)
Follow us on social media:
LinkedIn: @Hydrogen Future Industries
(https://www.linkedin.com/company/hydrogen-future-industries)
Twitter: @HydrogenFI (https://twitter.com/HydrogenFI)
Caution Regarding Forward Looking Statements
Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not a guarantee of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions security holders and
prospective security holders not to place undue reliance on these
forward-looking statements, which reflect the view of the Company only as of
the date of this announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the statements are
made. The Company will not undertake any obligation to release publicly any
revisions or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of this
announcement except as required by law or by any appropriate regulatory
authority.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
Details of the person discharging managerial responsibilities/person closely
associated
Name A) Tim Blake
B) Neil Ritson
C) Daniel Maling
Reason for notification
Position/Status A) PDMR
B) Director
C) Director
Initial notification/ Initial notification
Amendment
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Name Hydrogen Future Industries PLC
LEI 213800U3MWUSU24ARW11
Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
Description of the financial instrument, type of instrument
Identification Code Ordinary shares
Nature of the transaction Purchase of Ordinary Shares as part of the Fundraise
Price(s) and volume(s)
Price(s) Volume(s)
A) 5p A) 1,000,000
B) 5p B) 500,000
C) 5p C) 500,000
Aggregated information
N/A
- Aggregated Volume
- Price
Date of the transaction 20 February 2024
Place of the transaction AQSE, London
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
Details of the person discharging managerial responsibilities/person closely
associated
Name A) Tim Blake
B) Neil Ritson
C) Daniel Maling
Reason for notification
Position/Status A) PDMR
B) Director
C) Director
Initial notification/ Initial notification
Amendment
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Name Hydrogen Future Industries PLC
LEI 213800U3MWUSU24ARW11
Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
Description of the financial instrument, type of instrument
Identification Code Warrants over Ordinary shares
Nature of the transaction Warrants received as part of the Fundraise, exercisable for a period of two
years from Admission
Price(s) and volume(s)
Price(s) Volume(s)
A) 5p A) 500,000
B) 5p B) 250,000
C) 5p C) 250,000
Aggregated information
N/A
- Aggregated Volume
- Price
Date of the transaction 20 February 2024
Place of the transaction AQSE, London
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NEXFBLFLZLLEBBQ