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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Edenville Energy Plc | LSE:EDL | London | Ordinary Share | GB00BN47NP32 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.25 | 14.00 | 14.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEDL
RNS Number : 6220S
Edenville Energy PLC
04 October 2017
4 October 2017
EDENVILLE ENERGY PLC
("Edenville" or the "Company")
Subscription to raise GBP1.25m
Edenville Energy plc (AIM:EDL), the company developing a coal project in south west Tanzania, is pleased to announce a subscription to raise GBP1.25 million (before expenses) through the issue of 208,333,333 new ordinary shares of 0.02 pence each in the capital of the Company ("New Ordinary Shares") at 0.6 pence per New Ordinary Share to new and existing shareholders. In addition the Company has issued 104,166,667 warrants to the subscribers on the basis of one warrant for every two New Ordinary Shares, exercisable at 0.8 pence per warrant at any time over the next 12 months (the "Warrants" and each a "Warrant"; and together with the New Ordinary Shares, the "Subscription"). The Subscription was over subscribed.
The Company will apply the net proceeds of the Subscription to the completion of construction work at, and for transport logistics for, the Company's Rukwa Coal Project (the "Project"), working capital to fund the increase in production over the next six months and, in the appropriate circumstances, initiating expansion options.
Management expects the net proceeds of the Subscription to take the Project through to full production and the generation of positive cash flows.
Since the decision in January 2017 to proceed with development, the Project has taken only 8 months to construct. Opening of the mine has already exposed considerable coal supplies in the upper seams. The plan is for initial production of 5,000 tonnes of washed coal in October, ramping up to at least 10,000 tonnes per month by January 2018. A range of sizes of washed coal will be produced to allow the product to meet specific end user requirements. Production of washed coal is expected to start later this week.
Rufus Short, Edenville CEO commented: "The net proceeds from this over subscribed placing are expected to take the Project to the point where it is cash flow positive, a fundamental advance for Edenville. We are in detailed negotiations with coal customers and believe we currently have sufficient interest to justify our plans. We look forward to Edenville becoming a significant coal producer in the East Africa region and I look forward to providing our shareholders with further updates in due course."
Admission and Total Voting Rights
Application for admission to trading on AIM of the New Ordinary Shares on AIM will be made to the London Stock Exchange ("Admission") and Admission is expected to become effective on or around 9 October 2017.
Following Admission, the issued share capital of the Company will be 1,336,227,798 ordinary shares of 0.02 pence each. The New Ordinary Shares will rank pari passu with the existing ordinary shares. In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that, following Admission, it has 1,336,227,798 ordinary shares of 0.02p each in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. The above figure of 1,336,227,798 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Edenville Energy Plc Jeff Malaihollo - Chairman +44 (0) 20 7652 Rufus Short - CEO 9788 Northland Capital Partners Limited (Nominated Adviser) Gerry Beaney David Hignell +44 (0) 20 3861 Jamie Spotswood 6625 Optiva Securities Limited (Broker) Jeremy King +44 (0) 20 3137 Graeme Dickson 1902 IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring +44 (0) 20 3053 Heather Armstrong 8671
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
October 04, 2017 02:00 ET (06:00 GMT)
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