Powerhouse Energy has announced a £2.5m placing at 0.8p a share to repay a loan note between it and Hillgrove.
That company accepted a £2m cash pay-out for the £3.4m loan note, with the remaining £1.4m converted into new shares.
Hillgrove now holds a total of 300,430,920 shares of the enlarged issued share capital of Powerhouse.
It had committed to a 12-month lock-in period for its newly issued shares.
At 9:11am: (LON:PHE) PowerHouse Energy share price was -0.33p at 1.18p