- Powerhouse Ventures has completed a $300,000 placement with Jun Hong Shen to build stronger relationships with an overseas market
- The placement will consist of 3 million fully paid shares with an issue price of 10¢ per share and was made to Jun Hong Shen (JHS)
- The Placement is part of a broader strategy to build stronger relationships with overseas markets for it and its portfolio companies
Powerhouse Ventures has completed a $300,000 placement with Jun Hong Shen to build stronger relationships with an overseas market.
The placement will consist of 3 million fully paid shares with an issue price of 10¢ per share and was made to Jun Hong Shen (JHS).
JHS is a subsidiary of Shanghai based investment company Shanghai Junsheng Investment Fund (SJEIF).
Powerhouse invests in ground-breaking intellectual property generated through scientific and technological research.
SJEIF is an investment fund that was created in 2014 with initial investments of $29 million.
This placement was undertaken without shareholder approval using the company’s capacity under ASX Listing Rule 7.1.
The Placement is part of a broader strategy to build stronger relationships with overseas markets for the company and its portfolio companies.
The company has a big group of companies within its portfolio, many of which have significant opportunity to seek both ongoing capital and sales growth in overseas markets, including China.
Powerhouse board that believes that working with JHS will provide a range of funding and commercialisation opportunities for the company.
JHS intends to join the Powerhouse board in the near future. The company also intends to be debt free as it will retire its convertible notes in the coming months.
Powerhouse Chairman Russell Yardley is pleased with the placement.
“I am delighted to welcome JHS to the PVL register. In what has been a challenging few years as a listed company, PVL now appears to be positioned to move forward in a positive way, with a strong portfolio,” he said.