Pressure Technologies PLC Proposed offering by Greenlane Renewables Inc. (5544C)
11 Febrero 2020 - 1:00AM
UK Regulatory
TIDMPRES
RNS Number : 5544C
Pressure Technologies PLC
11 February 2020
11 February 2020
Pressure Technologies plc
("Pressure Technologies", the "Company" or the "Group")
Proposed offering by Greenlane Renewables Inc.
The Board of Pressure Technologies notes the announcement by
Greenlane Renewables Inc. ("Greenlane"), the Group's previously
wholly owned subsidiary which was sold to Creation Capital Corp in
June 2019, dated 10 February 2020 regarding its overnight marketed
underwritten public offering (the "Offering") of units in Greenlane
(each unit comprising one common share and one-half of one common
share purchase warrant) (the "Offering Announcement").
The proceeds of the proposed Offering are expected to be used
for various purposes, including payment to Pressure Technologies
against its outstanding promissory note.
The number, pricing and terms of the securities offered as part
of the Offering are yet to be determined and there can be no
assurance as to whether or when the Offering will be completed, or
as to the actual size or terms of the Offering. Equally, there can
be no guarantee as to the quantum of any proceeds of the Offering
to be paid to the Company, or as to the dilution to the Company's
holding in Greenlane as a result of the Offering. Further updates
will be provided in due course.
The full text of the Offering Announcement and any associated
regulatory filings can be found via the following link:
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00045658.
The Company accepts no responsibility for the Offering
Announcement, any associated regulatory filings or any information
contained therein.
This announcement is for information purposes only and does not
constitute or contain any invitation, solicitation, recommendation,
offer or advice to any person to subscribe for, otherwise acquire
or dispose of any securities in Greenlane or any other entity in
any jurisdiction.
For further information, please contact:
Pressure Technologies plc
Chris Walters, Chief Executive Tel: 0114 257 3616
Joanna Allen, Chief Financial pressuretech@investor-focus.co.uk
Officer
N+1 Singer (Nomad and Broker) Tel: 0207 496 3000
Mark Taylor / Lauren Kettle
IFC Advisory Ltd (Financial PR Tel: 0203 934 6630
and IR)
Graham Herring / Tim Metcalfe
/ Zach Cohen
COMPANY DESCRIPTION
Company description - www.pressuretechnologies.com
With its head office in Sheffield, the Pressure Technologies
Group was founded on its leading market position as a designer and
manufacturer of high-integrity, safety-critical components and
systems serving global supply chains in oil and gas, defence,
industrial gases and hydrogen energy markets.
The Group has two divisions, Precision Machined Components and
Chesterfield Special Cylinders.
Precision Machined Components (PMC) - www.pt-pmc.com
-- Precision Machined Components includes the Al-Met, Roota
Engineering, Quadscot and Martract brands.
Chesterfield Special Cylinders (CSC) -
www.chesterfieldcylinders.com
-- Chesterfield Special Cylinders, Sheffield, includes CSC
Deutschland Gmbh, which is based in Dorsten, Germany.
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 or visit www.rns.com.
END
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February 11, 2020 02:00 ET (07:00 GMT)
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