Edenville Energy Share Price (EDL)

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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 Shares Traded Last Trade
  0.00 0.0% 32.00 3,167 08:00:00
Bid Price Offer Price High Price Low Price Open Price
31.00 33.00 32.00 32.00 32.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.34 -1.79 -0.12 4
Last Trade Time Trade Type Trade Size Trade Price Currency
12:06:44 O 3,087 32.20 GBX
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Rio Tinto (RIO), Bhp (BHP), Mila Resources (MILA), African Battery Metals (ABM)

Edenville Energy (EDL) Latest News (1)

Edenville Energy News

Date Time Source Headline
08/3/202111:59UKREGEdenville Energy PLC Holding(s) in Company
03/3/202119:14ALNCTRADING UPDATES: Capita sells Irish unit; Daily Mail buys science mag
03/3/202107:00UKREGEdenville Energy PLC Tanzania Update
16/2/202116:41UKREGEdenville Energy PLC Second Price Monitoring Extn
16/2/202116:36UKREGEdenville Energy PLC Price Monitoring Extension
01/2/202116:36UKREGEdenville Energy PLC Total Voting Rights
26/1/202118:04UKREGEdenville Energy PLC Holding(s) in Company
25/1/202117:52UKREGEdenville Energy PLC Holding(s) in Company
25/1/202116:41UKREGEdenville Energy PLC Second Price Monitoring Extn
25/1/202116:37UKREGEdenville Energy PLC Price Monitoring Extension
More Edenville Energy News
Edenville Energy Investors    Edenville Energy Takeover Rumours

Edenville Energy (EDL) Discussions and Chat

Edenville Energy Forums and Chat

Date Time Title Posts
08/3/202115:59Edenville - 201013,303
13/3/201814:53Edenville Energy, con or contentment? 131
04/9/201714:29Synohydro-Gabon5
07/5/201709:05Google Synohydro Gabon1
27/4/201710:16Good News or Bad?11

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Edenville Energy (EDL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
12:06:4632.203,087994.01O
11:58:4531.055015.53O
09:30:0431.0051.55O
09:20:2731.05257.76O
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Edenville Energy (EDL) Top Chat Posts

DateSubject
08/3/2021
08:20		Edenville Energy Daily Update: Edenville Energy Plc is listed in the Mining sector of the London Stock Exchange with ticker EDL. The last closing price for Edenville Energy was 32p.
Edenville Energy Plc has a 4 week average price of 28p and a 12 week average price of 22.50p.
The 1 year high share price is 65p while the 1 year low share price is currently 20p.
There are currently 11,745,575 shares in issue and the average daily traded volume is 32,621 shares. The market capitalisation of Edenville Energy Plc is £3,758,584.
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03/3/2021
07:06		nasarsaddique: Tanzania UpdateEDENVILLE ENERGY PLCReleased 07:00:07 03 March 2021RNS Number : 9284QEdenville Energy PLC03 March 2021 3 March 2021 EDENVILLE ENERGY PLC("Edenville" or the "Company") Tanzania Update Edenville Energy Plc (AIM: EDL), the AIM quoted company operating the Rukwa Coal Project in southwest Tanzania ("Rukwa") provides the following operational update. The Company continues to work with its strategic partner Infrastructure and Logistics Tanzania Ltd ("ILTL") regarding the proposed handover of operations at Rukwa and will provide shareholders with a further update as soon as a formal handover date has been agreed.In the interim period, the Company continues to satisfy existing contracts and is pursuing additional contracts with both existing and potential customers.In addition, the Company has received new East African enquiries regarding power generation capacity and is continuing discussions with the Tanzanian Government regarding a future power plant development at Rukwa.This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. For further information please contact: Edenville Energy P lcJeff Malaihollo - CEO & Chairman +44 (0) 20 3934 6630SP Angel Corporate Finance LLP(Nominated Adviser)David HignellCharlie Bouverat +44 (0) 20 3470 0470Brandon Hill Capital Ltd(Broker)Oliver Stansfield, Jonathan Evans +44 20 7936 5200 IFC Advisory Limited(Financial PR and IR)Tim MetcalfeFlorence Chandler +44 (0) 20 3934 6630
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18/1/2021
09:10		cricket mad: First of all for transparency I hold a sizable amount of these shares, so of course prefer to be an optimist than a pessimist. Last weeks announcement removed my main concern (I was not worried about Lind as money always talks and no one wants to lose - always a solution). The main concern being whether ILTL would pull out of the venture due to the delay as I feel they are the source of my and others optimism. EDL have demonstrated that they do not themselves have the capability to mine the expected tonnage and having a tried and tested company operating the mine removes this concern. The mine currently has capacity for 12500 tons (which is great news as this was a target on RNS 26th August 2020) but it needs to be delivered and also esquimo (post 528) asks some good questions on shifts, output etc. I would think they would try to increase capacity in the near term, especially as they are likely to announce new contracts (they state they are in discussions - expect these to be announced before operations commence). Turning to sales - on the RNS 8th June 2020 the sale price per tonnage was pre-agreed at standard market rates (currently 65$ per washed tonnage - circa £50). At the standard rate this means delivered 12500 tons of washed coal per month would result in circa £625K or £7.5m pa (12500 x £50) and then transport costs are added. IlTL undertake to provide an anchor tenancy of 3000 tonnes (£150Kpm or £1.8m pa) immediately rising to 5000 tonnes (£250K or £3m pa) over 12 months (RNS 26th August 2020). Taking the £250K pm target (5000 tonnes this should easily be achievable and therefore the current market capitilisation of £3m is woefully inadequate (if you take into account plant and machinery and overall tonnage in the mine). Considerations are the rainy season but in the RNS 20th August 2020 they stated that the main access road and road to the northern pit to the wash plant were mended and since operations are not due to start until Feb some of the rainy season would have passed (also they have been meeting per-ordered sales as well). Funds - they have the proceeds of the recent placing less Jan payment to Lind so circa £750K plus they still have the 1m$ loan agreement as part of the overall relationship with ILTL (not sure what has happened to that though) - so funding not an issue. Looking at the 12500 capacity and my previous figures then a market capitalisation within the next 3-6 months of around £6-7m would not be unreasonable resulting in a shareprice (even with the new shares) of around 60 to 70p. Add new contracts and rise in capacity (with more detail on production numbers and the dry season from April, then potential for much more. Of course just my musings and DYOR which is what I have done! Good luck all
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15/1/2021
07:19		therealtonythetiger: https://www.investegate.co.uk/edenville-energy-plc--edl-/rns/agreement-with-lind-partners-and--900-000-placing/202101150700057792L/ Friday 15 January, 2021 Edenville Energy PLC Agreement with Lind Partners and £900,000 Placing 15 January 2021 EDENVILLE ENERGY PLC ("Edenville" or the "Company") Agreement Reached with Lind Partners LLC Oversubscribed Placing to Raise £900K New Strategic Shareholder Edenville Energy Plc (AIM: EDL), the AIM quoted company operating the Rukwa Coal Project in southwest Tanzania ("Rukwa") is pleased to provide the following corporate update. Funding Agreement with Lind Partners LLC - Update The Company provides an update regarding its outstanding funding agreement with Lind Partners LLC ("Lind"), that was first announced on 6 November 2018 (the "Funding Agreement"). As announced on 6 October 2020, Lind requested Edenville repay the total outstanding balance of the Funding Agreement, being US$580,000, by 30 November 2020. The Company has since been engaged in a constructive dialogue with Lind regarding the repayment terms of the Funding Agreement and is pleased to report the revised repayment schedule has been agreed as follows: - The company will pay Lind US$116,000 in cash, being 20% of the outstanding debt, by 31 January 2021; - The remainder, being US$464,000, will be repaid in monthly instalments of US$50,000 starting from the end of April 2021; - The monthly instalments may be paid in cash or via the issuance of shares by mutual agreement; and - No further interest or charges will be applied to the US$580,000 headline figure. Following settlement of the Placing (outlined below) the Company will have sufficient capital to meet its outstanding obligations to Lind. The Company's cash position is expected to be further strengthened by increased production and sales of washed coal from its flagship Rukwa mine in Tanzania during the course of 2021. Oversubscribed £900,000 Placing The Company has conditionally raised £900,000 (before expenses) by way of a placing of 3,600,000 new ordinary shares of 1p each in the Company ("Ordinary Shares") at a placing price of 25p per Ordinary Share (the "Placing Shares") (the "Placing Price") with new and existing shareholders through Brandon Hill Capital Limited ("Brandon Hill") (the "Placing"). Edenville's three largest shareholder groups (representing approximately 50% of the shares currently in issue) have subscribed for an aggregate of £250,000 in the Placing. In addition, specialist mining investor RAB Capital, has subscribed for £300,000 in the Placing and will own 10.2% of the enlarged issued share capital of the Company following the admission of the Placing Shares to trading on AIM ("Admission"). Significant Shareholder Participation Brandon Hill, including Neal Griffith and Oliver Stansfield (collectively the "Brandon Hill Group"), who currently hold 1,717,248 Ordinary Shares representing 21.08% of the Company's issued share capital, have agreed to subscribe for, in aggregate, 280,000 Placing Shares representing a cash subscription of £70,000. Following Admission, the Brandon Hill Group's revised holding of 1,997,248 Ordinary Shares will represent 17% of the Company's enlarged share capital. The Brandon Hill Group have been granted warrants over 180,000 Ordinary Shares as a result of the Placing (the "Broker Warrants"). The Broker Warrants have a 3 year life and an exercise price of 25p per Ordinary Share. Pitchcroft Capital Limited and its executives, namely Alexander Fullard, William Orgee and David Thomas (collectively the "Pitchcroft Group"), who currently hold 1,218,327 Ordinary Shares representing 14.9% of the Company's issued share capital, have agreed to subscribe for, in aggregate, 360,000 Placing Shares representing a cash subscription of £90,000. Following Admission, the Pitchcroft Group's revised holding of 1,578,327 Ordinary Shares will represent 13.4% of the Company's enlarged share capital. John Story, who currently holds 1,019,161 Ordinary Shares representing 12.5% of the Company's issued share capital, has agreed to subscribe for 360,000 Placing Shares representing a cash subscription of £90,000. Following Admission, John Story's revised holding of 1,379,161 Ordinary Shares will represent 11.7% of the Company's enlarged share capital. Related Party Transaction The Brandon Hill Group, the Pitchcroft Group and John Story are Substantial Shareholders of the Company and are therefore related parties as defined by the AIM Rules for Companies (the "Related Parties"). Accordingly, the participation of the Related Parties in the Placing and the issue of Broker Warrants to the Brandon Hill Group constitute related party transactions pursuant to Rule 13 of the AIM Rules for Companies. The Directors, having consulted with the Company's nominated adviser, consider that the terms of the Related Parties' participation in the Placing and the issue of the Broker Warrants to the Brandon Hill Group are fair and reasonable insofar as Edenville's shareholders are concerned. Admission to AIM Application will be made for admission of the 3,600,000 Placing Shares to trading on AIM, which is expected to occur at 8am on or around 21 January 2021. The Placing Shares will rank pari passu with the existing Ordinary Shares. Operational Update The Company now expects to hand over operations at Rukwa to its strategic partner Infrastructure and Logistics Tanzania Ltd ("ILTL") in February 2021, pursuant to the terms of the previously announced Coal Mining Agreement ("CMA") between the two parties. T he Company acknowledges this has taken longer than previously envisaged, with timing impacted by both the global COVID-19 pandemic and the Tanzanian general elections, which took place on 28 October 2020. The election, for both President and members of the National Assembly, created an administrative vacuum, with a number of relevant Ministerial positions only being appointed in December 2020. As previously outlined, this resulted in a number of logistical problems for ILTL, including the securing of work permits. Both ILTL and the Company have continued to work closely during this period, not only on handover preparations but also on securing additional contracts for the sale of washed coal from Rukwa. The Company believes both the handover and additional contracts will come to fruition in February 2021 and in the meantime Edenville International (Tanzania) Limited, the Company's in-country operating company, is continuing to meet current customer orders and demands. Additional Assets & Board Restructuring Given the expected handover of operations at Rukwa in the current quarter to ILTL, combined with the anticipated cashflow to be received from Rukwa, the Board of Edenville will also utilise its existing networks to identify new potential projects that could be accretive to the Company. The mining and capital markets expertise of its significant shareholders, which also now includes RAB Capital, should support the Board with the identification and any subsequent execution of this strategy. To further streamline costs during this period, Jeff Malaihollo will assume the title of CEO of the Company, in addition to his current Chairman role, with no additional remuneration. Alistair Muir will continue as a Director of the Company responsible for Tanzanian operation. CEO's Comments Jeff Malaihollo, now acting CEO of Edenville, said "I am pleased to confirm we have reached an agreement with Lind regarding the outstanding debt repayment schedule. This had clearly been cause for investor concern, particularly during Q4 2020. We are also pleased to see the confidence the market has shown in the potential of Edenville and Rukwa through an oversubscribed placing and I am delighted to welcome specialist mining investor RAB Capital as a significant shareholder to the Company. Whilst 2020 was a challenging year for Edenville as a result of the COVID-19 pandemic, we can now look forward to 2021 with renewed optimism. Rukwa is a producing mine with a sizeable JORC compliant resource of 143Mt and recent upgrades to the processing plant have now boosted capacity to 12,500t per month of washed coal. The three agreements (Coal Mining Agreement, Loan Agreement and Sales & Marketing Agreement) signed with our strategic partner during the course of 2020 remain in place and we expect to finally see the benefits of their implementation this year, starting with the handover of Rukwa under the Coal Mining Agreement next month." Total Voting Rights Following Admission, the Company will have 11,745,575 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The above figure of 11,745,575 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.
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05/1/2021
11:08		therealtonythetiger: RNS OUT https://www.investegate.co.uk/edenville-energy-plc--edl-/rns/result-of-agm/202101051100065970K/ Edenville Energy Plc (AIM: EDL), the AIM quoted company operating the Rukwa Coal Project in southwest Tanzania announces that at its Annual General Meeting ("AGM") held today all resolutions were passed. The votes were cast as follows: Application has been made for the admission of 8,145,575 New Ordinary Shares to trading on AIM. It is expected that Admission will take place and that trading in the New Ordinary Shares will commence, at 8.00 a.m. on 6 January 2020. No application will be made for admission of the New Deferred Shares to trading on AIM nor will any such application by made to any other exchange. Following Admission, there will be a total of 8,145,575 New Ordinary Shares in issue. The Company does not hold any shares in treasury. Consequently, 8,145,575 is the figure which may be used by Shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
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01/1/2021
03:43		sky24: The company will just be worth the same,and so will your shares,and EDL will be more interesting to II's with less shares in issue. If the share price falls after admission I will average down.
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15/12/2020
14:08		sky24: I made the four trades on friday that seem to interest them over on LSE. This is the reason I bought - In the interim accounts to June 30th 2020 it states the net assets are worth £6,541,900.The share price represents less than 50% of this,and this number is more than it was at the end of 2019 when EDL had more debt. The cash owed to LIND is only $580,000,and a lot less than the original amount.This debt is approx 7.2% of the total assets of the company,and I don't reckon it's of great concern.I think the reason for the consolidation is to attract more investors,and stock that is a fraction of a penny is never very attractive to II's. They may be a fund raise after the consolidation,but does not worry me very much. They stated that they are selling coal - EDL may be in better shape than we think,although the cost of sales were quite high in the results. When the consolidated shares start trading they would be at 68p if they were to represent the full value of the company - market cap £5.5 mln.
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11/12/2020
17:17		therealtonythetiger: denville Energy PLC Proposed Share Capital Reorganisation & AGM Notice RNS Number : 4457I Edenville Energy PLC 11 December 2020 11 December 2020 EDENVILLE ENERGY PLC ("Edenville" or the "Company") Notice of Annual General Meeting Proposed Share Capital Reorganisation & Correction of Total Voting Rights Edenville Energy Plc (AIM: EDL), the AIM quoted company operating the Rukwa Coal Project in southwest Tanzania announces that its Annual General Meeting ("AGM") will be held 10.00 a.m. on 5 January 2021. The Notice of AGM is being published today and will shortly be available on the Company's website at hxxps://edenville-energy.com/aim-rule-26/ . As a result of the ongoing Covid-19 pandemic, Edenville's shareholders ("Shareholders") should note they are not entitled to attend the AGM in person unless notified otherwise by the Company prior to the AGM. The Company's Articles of Association allow Edenville to use electronic communications for sending out notices of general meetings, as such the Company will not be providing a paper copy of the Notice of AGM or Form of Proxy on this occasion. Shareholders are now able to vote online by logging on to www.signalshares.com . On the home page, search 'Edenville Energy PLC' and then log in or register, using your Investor Code which can be found on your share certificate. To vote, click on the 'Vote Online Now' button. Proposed Share Capital Reorganisation & Correction of Total Voting Rights The Notice of AGM will include certain resolutions relating to a proposed share capital reorganisation ("Capital Reorganisation") of the 8,145,575,092 existing ordinary shares of £0.0002 each that the Company has in issue ("Existing Ordinary Shares"). Shareholders should note that the ordinary issued share capital of the Company was previously incorrectly stated by the Company as 8,145,575,095 Existing Ordinary Shares in its announcement of 10 August 2020, rather than the correct figure of 8,145,575,092 Existing Ordinary Shares. The effect of the proposed Capital Reorganisation will be to reduce the number of issued ordinary shares of £0.0002 each in the Company by a multiple of 1,000 (the "Consolidation"), which is expected to increase the trading price of the resulting ordinary shares proportionally. As such, following the Consolidation and the subsequent sub-division of each consolidated ordinary share of £0.20 each in the capital of the Company, into 1 ordinary share of £0.01 each in the capital of the Company and 19,000 new deferred shares of £0.00001 each in the capital of the Company (the "New Deferred Shares"), the Company expects 8,145,575 ordinary shares of £0.01 each (the "New Ordinary Shares") to be readmitted to trading on AIM. The New Ordinary Shares will have the same rights and be subject to the same restrictions (save as to nominal value) as the Existing Ordinary Shares as set out in the Company's articles of association for the time being. The New Deferred Shares are non-voting, have no economic rights and may be bought back by the Company at any time for nil consideration. As it is proposed that all Existing Ordinary Shares held in the Company be consolidated, the proportion of the issued ordinary share capital of the Company held by each Shareholder immediately before and after the Capital Reorganisation will remain relatively unchanged, other than for changes that may arise from the rounding for fractional entitlements. In the event that a Shareholder's holding of Existing Ordinary Shares is not exactly divisible by the consolidation ratio, such Shareholder will be left with a fractional entitlement to a resulting new consolidated ordinary share. Any such fractions as a result of the consolidation will be aggregated and, following the sub-division, the directors will, in accordance with the Company's articles of association, sell the aggregated shares in the market for the benefit of the relevant Shareholders. The proceeds from the sale of the fractional entitlements will be distributed pro rata amongst the relevant Shareholders save that where a Shareholder is entitled to an amount which is less than £3 it will not be distributed to such Shareholder but will be retained by the Company. Reasons for the Capital Reorganisation and update re Funding Agreement with Lind Partners LLC The Board considers the Capital Reorganisation to be in the best interests of the Company and its Shareholders as it believes that the Capital Reorganisation should improve the market liquidity of and trading activity in the Company's shares. The Directors believe that the existing share capital structure is no longer appropriate, as the high number of shares in issue combined with the relatively low price per share is thought to result in excess volatility and reduced liquidity in the Company's shares. By proceeding with the Capital Reorganisation, the Directors anticipate that the Capital Reorganisation should improve the liquidity and the marketability of the Company's shares with institutional investors in the UK and overseas. Secondly, plans for a proposed share consolidation were originally set out in the Company's announcement of 29 April 2019 following Edenville and Lind Partners LLC ("Lind") entering into an agreement to vary certain terms of the Company's outstanding funding agreement with Lind, that was first announced on 6 November 2018 and further detailed in the Company's announcements of 29 April 2019, 23 January 2020, 7 April 2020, 6 October 2020 and 27 November 2020 (the "Funding Agreement"). These plans were later deferred, as detailed in the Company's announcement of 6 September 2019. The Company's Directors are currently in constructive discussions with Lind regarding the repayment terms of the Funding Agreement. Following the recent discussions, Edenville's Directors have agreed to revisit plans for a share consolidation, hence why Shareholders are being asked to approve the Capital Reorganisation at the AGM. The Directors remain confident that mutually agreeable terms can be agreed with Lind regarding the Funding Agreement, however, at this current time it is premature to reach any conclusions.
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26/8/2020
10:56		amrishbhim: Coal prices are low than before like most commodities in the world but if you look at today average index price into dollars and understand the four type of coals that are used I've done the basic calculations.Turnover for this agreement is around $4 million dollars a year as to a small margin of error and price sold would work out at around $300-600 thousand gross profitIf you look at the higher end than the turnover could be seven million and gross profit margin around two and half million, One good reason here is, that east Africa as in general could buy EDL coal and in 24 months the numbers be very big for a company of this size. Break even should be the first task and I feel it be end 12 months, I'm expecting this as a 2p share price but short term will hit 0.5 if the company updates us regular or double.
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10/6/2020
09:57		burtond1: Is this a new dawn for @EdenvilleEnergy ? " The Edenville share price has already begun to move this week. With the physical and financial conditions in place it may be time to take advantage of the #EDL share price currently no more than 0.05p..."https://total-market-solutions.com/2020/06/10/edenville-energy/
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23/1/2020
08:50		therealtonythetiger: RNS Number : 6588A Edenville Energy PLC 23 January 2020 23 January 2020 EDENVILLE ENERGY PLC ("Edenville" or the "Company") £0.7m Placing with Existing Stakeholders Corporate Update Tender to Rwandan Power Station Proposed Changes to the Board Edenville Energy Plc (AIM: EDL), the AIM quoted company developing the Rukwa coal project in southwest Tanzania, is pleased to announce that the Company has now completed its previously outlined fundraising initiative, thereby securing the necessary working capital to meet the current contracted production demands of up to 12,000 tonnes of washed coal per month from the Company's flagship Rukwa Coal Project ("Rukwa" or the "Project"). Placing and Proposed Loan The Company has raised £700,000 (before expenses) by way of a placing of 1,750,000,000 new ordinary shares of 0.02p each in the Company ("Ordinary Shares") at a placing price of 0.04p per Ordinary Share (the "Placing Shares") (the "Placing Price") with existing stakeholders through Brandon Hill Capital Limited ("Brandon Hill") (the "Placing"). In addition, subscribers in the Placing will be issued with one warrant for every two Placing Shares subscribed for (the "Warrants"). The Warrants have a 2-year life and will expire on 23 January 2022 and have an exercise price of 0.06p per Ordinary Share. The issue and allotment of the Placing Shares will utilise the majority of the Company's existing share authorities. As such, the Company will shortly be calling a General Meeting in order to seek renewal of share authorities in order to enable any Warrant holder to exercise their Warrants. Specific details of the General Meeting will be announced in due course. On 29 November 2019 the Company announced it had entered into an agreement with a private lender, Brian McMaster, regarding a non-convertible £100,000 loan (the "November 2019 Loan"). The November 2019 Loan carries a fixed coupon rate of 20% per annum and must be repaid on or before 25 February 2020. Brian McMaster has agreed to subscribe for 750,000,000 Placing Shares, representing a cash subscription of £300,000 as part of the Placing on the assumption that the Company will repay the £120,000 that he is owed pursuant to the terms of the November 2019 Loan on or before 25 February 2020. To ensure sufficient access to working capital if required, the Company has been advised by Brian McMaster that, in addition to his direct equity of subscription for £300K, he would be willing to provide a loan of £300K to the Company (the "Proposed Loan"). The Proposed Loan is subject to the completion of formal documentation and the consent of Lind Partners LLC. The terms of the Proposed Loan are as expected to be as follows: · Funds under the Proposed Loan are callable at Edenville's request. · There would be no warrants or arrangement fees attached to the Proposed Loan or penalties ascribed in the event no drawdown is required by the Company. · Any funds drawn under the Proposed Loan will incur interest at a rate of 12% per annum, which is repayable in full, along with any drawn principal, upon the one year anniversary of the initial drawdown. A further announcement will be made in due course. Background to Capital Raise During 2019, Edenville funded and undertook several operational initiatives at Rukwa designed to expand production capacity and improve the Project's economic potential. These included significant upgrades to the wash plant and the opening up of the Northern Area for mining (the "Northern Area"), which has subsequently proven to have both a better quality of coal from previously mined areas and also better recoveries. Despite these improvements the lack of working capital has prevented the Project from operating effectively and has materially impacted production, with only a de minimis level of washed coal being produced between 30 November 2019 and 22 January 2020. A sustained marketing initiative took place in Q4 2019, following the appointment of Alistair Muir as the Company's new CEO, coupled with in pit and stockpile sampling highlighting the improved quality of Rukwa coal from the Northern Area. This was well received by existing and potential customers, culminating in the Company entering into two new long-term contracts, as announced on 11 December 2019, to supply a combined 9,000 tonnes of washed coal per month to industrial customers in Rwanda and Uganda, complimenting the Company's existing coal supply contracts. With the proceeds of the Placing and the additional support of Brian McMaster's Proposed Loan, the Directors believe Edenville is now able to address the shortfall in working capital and that the Company is in a position to begin supplying these coal contracts. In structuring the fundraising, the Company has sought to minimise dilution by including a standby debt component, which will only be utilised if required to bridge any additional working capital requirements as the Project ramps up its production to satisfy the current contracted demand for Rukwa washed coal, which is outlined below. Current Coal Contacts As announced on 11 December 2019, Edenville entered into a contract to supply up to 6,000 tonnes of washed coal per month with Tara Group Ltd and a separate contract for up to 3,000 tonnes of washed coal per month with Springwood Capital Ltd. These contracts compliment a standing order for 500 tonnes per month from a Tanzanian industrial user in Arusha and an up to 2,500 tonnes per month order from a cement manufacturer located near Dar Es Salaam in Tanzania. In addition, the Company has received enquiries from a potential customer in the Democratic Republic of the Congo for the supply of washed coal to a cement works on Lake Tanganyika. The Company is also engaged in discussions with several other potential purchasers of Rukwa coal and although no assurances can be given that long-term contracts will materialise, the Directors are confident that once additional stockpiles are at site, new supply contracts should be forthcoming. Funding Agreement with Lind As previously announced, it is the current intention of the Company to repay its outstanding funding agreement (the "Funding Agreement") with Lind Partners LLC ("Lind"), that was first announced on 6 November 2018 and further detailed in the Company's announcement of 29 April 2019, in cash. Since the repayment holiday ended in August 2019 all cash payments under the repayment schedule have been made to Lind to date. Consequently, a balance of US$737,437.48 now remains outstanding under the Funding Agreement, repayable on a monthly basis at an amount of US$50,637.38 per month. Rwandan Power Station Tender The Company is pleased to advise that its subsidiary Edenville International (Tanzania) Limited recently lodged a tender for the supply of 12,000 tonnes of washed coal to a Rwandan power station. The Company believes it is geographically well placed to provide coal at a competitive price compared to other potential suppliers and is awaiting the outcome of this tender. Further announcements regarding this tender will be made as appropriate. Proposed Board Changes The Company announces that Rufus Short has indicated his desire to step down from his current role as Non-Executive Director before 31 March 2020. The Company would like to thank Rufus for his service to the Company during exceedingly difficult times in global markets, particularly for junior mining companies. The Company intends to appoint a new Non-Executive Director to coincide with Mr Short stepping down as a Director and will make a further announcement in due course. Edenville CEO, Alistair Muir, commented: "Firstly, I would like to thank all our existing shareholders for their patience and support. Whilst I have only been involved with the Company for a comparatively short space of time, I am encouraged by what I have seen at site and during the various discussions with potential customers. There is a clear demand for Rukwa coal and my energies are focused on translating this interest into sales and cashflow for Edenville. "Following the work undertaken at site last year, the coal seams have been opened up in the Northern Area and the wash plant has been upgraded to improve efficiencies. Now that the working capital issues have been addressed, I believe Edenville is well placed to be cash flow positive this year, as we start to deliver on our contracted orders. To ensure this happens I will be spending much of the next few months in Tanzania to both monitor the ramp up of the Project, whilst overseeing the proposed consolidation and expansion of our customer base. "Moreover, we are also looking at development scenarios that will enable us to further increase production beyond the current capacity of the wash plant, which we estimate is in the order of 12,500 tonnes per month (assuming a plant availability of 66%), in the event some of the targeted additional contracts come to fruition." Admission to AIM Application will be made for the admission of the Placing Shares to trading on AIM ("Admission"). Admission is expected to occur at 8am on or around 29 January 2020. The Placing Shares will rank pari passu with the existing Ordinary Shares. Significant Shareholder Participation Brandon Hill and its executives, namely Neal Griffith and Oliver Stansfield (collectively the "Brandon Hill Group"), who currently hold 1,201,000,500 Ordinary Shares representing 23.7% of the Company's issued share capital, have agreed to subscribe for, in aggregate, 225,000,000 Placing Shares representing a cash subscription of £90,000. Upon Admission of the Placing Shares, the Brandon Hill Group's revised holding of 1,426,000,500 Ordinary Shares will represent 20.9% of the Company's enlarged share capital. Pitchcroft Capital Limited and its executives, namely Alexander Fullard, William Orgee and David Thomas (collectively the "Pitchcroft Group"), who currently hold 1,053,959,224 Ordinary Shares representing 20.8% of the Company's issued share capital, have agreed to subscribe for, in aggregate, 150,000,00 Placing Shares representing a cash subscription of £60,000. Upon Admission of the Placing Shares, the Pitchcroft Group's revised holding of 1,203,959,224 Ordinary Shares will represent 17.7% of the Company's enlarged share capital. Brian McMaster, the provider of the November 2019 Loan and the Proposed Loan, has also agreed to subscribe for 750,000,000 Placing Shares, representing a cash subscription of £300,000. Upon Admission of the Placing Shares Brian McMaster's holding of 750,000,000 Ordinary Shares will represent 11.0% of the Company's enlarged share capital. John Story, who currently has a beneficial interest in 250,000,000 Ordinary Shares has agreed to subscribe for 625,000,000 Placing Shares, representing a cash subscription of £250,000. Upon Admission of the Placing Shares, John Story's holding of 875,000,000 Ordinary Shares will represent 12.8% of the Company's enlarged share capital. Related Party Transaction Both the Brandon Hill Group and the Pitchcroft Group are existing substantial shareholders of the Company (the "Related Parties"). Accordingly, the participation of the Related Parties in the Placing constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Directors, having consulted with the Company's nominated adviser, consider that the terms of the Related Parties' participation in the Placing are fair and reasonable insofar as Edenville's shareholders are concerned. Total Voting Rights Following Admission, the Company will have 6,812,241,762 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The above figure of 6,812,241,762 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.
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