HaloSource Inc Update on Fundraising and Funding Options (8763H)
June 13 2017 - 2:01AM
UK Regulatory
TIDMHAL TIDMHALO
RNS Number : 8763H
HaloSource Inc
13 June 2017
13 June 2017
HaloSource, Inc.
("HaloSource" or the "Company")
Update on Fundraising and Funding Options
HaloSource Inc. (HAL.LN, HALO.LN), the global clean water
technology company traded on London Stock Exchange's AIM market,
refers to its announcement of 9 June 2017 in relation to its
conditional fundraising to raise approximately GBP1.9 million ($2.4
million) (the "Fundraise").
The Company previously announced that the cornerstone investor
for the Fundraise had advised that it would be seeking to make
another application to obtain the Chinese governmental approval to
allow it to participate in the Fundraise. The Company now
understands that the cornerstone investor will no longer make the
application because there can be no guarantee of a positive
outcome. The Company and the cornerstone investor are now in
ongoing discussions regarding alternative fundraising options,
which would not require an application to be made for Chinese
governmental approval, and in parallel, the Company continues to
explore fundraising options with other investors including existing
shareholders.
Investors should be aware that there is no certainty that any
fundraising will complete, nor of the terms of any fundraise. As
previously announced, 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
Company does not complete a fundraising 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 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
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