HaloSource Inc Update on Fundraising and Shareholder Update (5428G)

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                           [phone] 
 Craig Crowell, Chief Financial 
  Officer                           [phone] 
 
 Hybridan LLP (Sole Broker) 
 Claire Noyce, Niall Pearson        [phone] 
 
 Liberum Capital Limited (NOMAD) 
 Richard Bootle, Jill Li, Steve 
  Pearce                            [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 30, 2017 06:00 ET (10:00 GMT)