Further Update on Fundraising

Released : 09.06.2017 07:00

RNS Number : 6052H
HaloSource Inc
09 June 2017
 

9 June 2017

 

HaloSource, Inc.

("HaloSource" or the "Company")

Further Update on Fundraising

HaloSource Inc. (HAL.LN, HALO.LN), the global clean water technology company traded on London Stock Exchange's AIM market, wishes to update shareholders on its conditional fundraising to raise approximately £1.9 million ($2.4 million) (the "Fundraise") and its current funding position.

 

Completion of the Fundraise is conditional on one of the key cornerstone investors to the Fundraise receiving a certain Chinese governmental approval to enable the investor to complete its participation in the Fundraise. The Company has been advised by that cornerstone investor that the Chinese governmental approval has not been granted, but the cornerstone investor has advised the Company that it will now be seeking to make another application for that approval.

 

Without the proceeds of the Fundraise, the Company's cash position is expected to fund the Company until the end of June 2017 at which point the Company will cease to trade as a going concern. Therefore, if the Fundraise does not complete prior to the Company exhausting its cash resources, the Board will have no choice but to initiate insolvency proceedings and seek suspension to trading of the Company's shares on AIM and shareholders may lose all or a substantial amount of their equity investment.

 

The Company will make a further announcement in due course.

 

The information communicated in this Announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR"). For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Craig Crowell, Chief Financial Officer.

 

Enquiries:

 

HaloSource, Inc.


James Thompson, Chief Executive Officer

+1 425 419 2257

Craig Crowell, Chief Financial Officer

+1 425 419 2248



Hybridan LLP (Sole Broker)


Claire Noyce

+44 203 764 2341



Liberum Capital Limited (NOMAD)


Richard Bootle, Jill Li, Steve Pearce

 

+44 203 100 2222

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
UPDSSFFUAFWSEIM