LONDON (ShareCast) - (ShareCast News) - Powerhouse Energy announced on Wednesday that it received payment of £0.5m from Yady Worldwide for its participation in the recent placing of ordinary shares in the company.
The AIM-traded firm said the 62,500,000 shares to be issued to Yady would be locked in for a period of 12 months from the date of admission.

Application for admission to trading on AIM of the 62,500,000 shares would be made in due course, the board said, and it anticipated that would occur on or around 20 March.

"Subsequent to the issuance of the second tranche shares, the company will have 956,148,821 ordinary shares in issue," Powerhouse's board confirmed.

It said the 280,430,920 shares to be issued to Hill Grove Investments pursuant to the previously-announced loan note conversion were expected to be issued and admitted to trading on AIM in due course.

Once those shares are issued to Hillgrove, the debenture on the company's assets would be released.

The shares to be issued to Hillgrove would also be locked in for a period of 12 months following admission.

On the operational front, Powerhouse said a further update on the status of the transport of the G3-UHt ultra high gasification unit to the UK indicated that the ship was approximately one week from docking at the Port of Liverpool.

"Upon landing and completing customs inspection, the G3 is expected to be delivered to a local engineering facility whereupon the Powerhouse team will begin the re-commissioning process," the board said.

"It is expected that the G3 will be delivered to the University of Chester, Thornton Science Park, for active demonstrations to begin shortly after the completion of re-commissioning and UK certification."

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