Pressure Technologies PLC Further re: Proposed Offering by Greenlane (7371C)
12 Febrero 2020 - 1:00AM
UK Regulatory
TIDMPRES
RNS Number : 7371C
Pressure Technologies PLC
12 February 2020
12 February 2020
Pressure Technologies plc
("Pressure Technologies", the "Company" or the "Group")
Further re: Proposed Offering by Greenlane Renewables Inc.
Further to its announcement of 11 February 2020, the Board of
Pressure Technologies notes the subsequent announcement by
Greenlane Renewables Inc. ("Greenlane") regarding its underwritten
public offering (the "Offering"). Greenlane has confirmed the
allocation of 20,000,000 units in the company pursuant to the
Offering, (each unit comprising one common share and one-half of
one common share purchase warrant) at a price of $0.50 per unit,
raising gross proceeds of $10m.
The Offering is expected to close on or around 19 February 2020,
with the proceeds of the Offering expected to be used for various
purposes, including payment to Pressure Technologies against its
outstanding promissory note. The proceeds of the Offering
receivable by the Company is anticipated to be a minimum of
approximately GBP2m. Following the closing of the Offering, the
dilutive impact of the Offering on the Company's holdings of common
shares is expected to be reduced to under 20% of the
then-outstanding common shares of Greenlane.
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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