TIDMHAL TIDMHALO

RNS Number : 6052H

HaloSource Inc

09 June 2017

9 June 2017

HaloSource, Inc.

("HaloSource" or the "Company")

Further Update on Fundraising

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. The Company has been advised by that cornerstone investor that the Chinese governmental approval has not been granted, but the cornerstone investor has advised the Company that it will now be seeking to make another application for that approval.

Without the proceeds of the Fundraise, 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 Fundraise does not complete 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 Company will make a further announcement in due course.

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

UPDSSFFUAFWSEIM

(END) Dow Jones Newswires

June 09, 2017 02:00 ET (06:00 GMT)

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