HaloSource Inc Update on Fundraising and Shareholder Update (5428G)
May 30 2017 - 6:00AM
UK Regulatory
TIDMHAL TIDMHALO
RNS Number : 5428G
HaloSource Inc
30 May 2017
30 May 2017
HaloSource, Inc.
("HaloSource" or the "Company")
Update on Fundraising and Shareholder Update
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 GBP1.9 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 by 31 May 2017. At this stage,
receipt of such governmental approval is progressing and therefore
the Company, Hybridan and Liberum and the other placees have agreed
to extend the date under the placing agreement for receipt of that
Chinese governmental approval to 30 June 2017. The Company believes
that this is a sufficient timescale for the government approval
process to be completed.
As previously indicated, without the proceeds of the Fundraise,
the Company's cash position is expected to fund the Company until
the end of June 2017. Without further cash resources at that point,
the Company will cease to trade as a going concern and the Company
may have to 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
regarding the Chinese governmental approval and funding
position.
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, Niall Pearson +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
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