£432,500 Subscription

RNS Number : 0690B
Edenville Energy PLC
14 June 2016
 

14 June 2016

 

EDENVILLE ENERGY PLC

("Edenville" or the "Company")

 

£432,500 Subscription

 

Edenville Energy plc (AIM:EDL), the Company developing a coal-to-power project in south west Tanzania announces a subscription to raise £432,500 (before expenses) through the issue of 1,922,222,222 new ordinary shares of 0.02p each in the capital of the Company ("New Ordinary Shares" or "Subscription Shares") at 0.0225 pence per New Ordinary Share, together with 961,111,111 warrants issued to the subscribers on the basis of one warrant for every two Subscription Shares, exercisable at 0.03 pence per warrant at any time over the next 12 months (the "Warrants" and each a "Warrant"; and together with Subscription Shares, the "Subscription").

The net proceeds from the Subscription will be used for the advancement of mining development, including bulk sampling and analysis, progressing regulatory requirements for mine and power development with Tanzanian government institutions, the progression of commercial discussions with Tanesco and general working capital requirements.

 

Director Dealings

The Company's Executive Directors have elected to participate in the raise to demonstrate their support for the Company and existing shareholders.  The Company's Chairman and CEO, Rufus Short and COO, Mark Pryor have each subscribed for 44,444,444 Ordinary Shares in the Company.  Following this transaction, Mr. Short holds 44,444,444 Ordinary Shares in the Company, which represents approximately 0.38% of the Company's issued share capital, as enlarged by the issue of the New Ordinary Shares detailed above. Mr. Pryor also now holds 44,444,444 Ordinary Shares in the Company, which represents approximately 0.38% of the Company's issued share capital, as enlarged by the issue of the New Ordinary Shares detailed above. 

 

Admission

Application will be made for the Subscription Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on or around 17 June 2016. Following the Subscription, the issued share capital of the Company will be 12,427,060,094 ordinary shares of 0.02p. The shares issued in the Subscription 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 the Subscription, it has 12,427,060,094 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 12,427,060,094 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.

 

 

For further information please contact:

 

 

Contact

 


Edenville Energy Plc

Rufus Short - Chairman and CEO

+44 (0) 20 7652 9788

Northland Capital Partners Limited (Nominated Adviser)

Gerry Beaney

David Hignell

Stuart Miller

 

+44 (0) 20 3861 6625

Optiva Securities Limited (Broker)

Jeremy King

Graeme Dickson

 

+44 (0) 20 3137 1902

IFC Advisory

(Financial PR and IR)

Tim Metcalfe

Graham Herring

Heather Armstrong

+44 (0) 20 3053 8671

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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