Business
Completion of ?1 million Placing
Completion of ?1 million Placing.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 8922X Edenville Energy PLC 17 January 2014 \n \n\n17 January 2014\nEdenville Energy plc\n('Edenville' or 'the Company')\n£1million Placing completed \nEdenville Energy plc, the African coal exploration and development company, today announces it has successfully completed a placing of 1,428,571,428 new ordinary shares (the \"Placing Shares\") at a price of 0.07p raising gross proceeds of GBP 1 million (the \"Placing\"), The Placing enables the Company to accelerate development and strategic partnership plans for the proposed 100MW plus power station. \nApplication will be made for the Placing Shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective on or around 23 January 2014. Following this issue of equity, the issued share capital of the Company will be 6,270,254,540. The Placing Shares will rank pari passu with the existing ordinary shares.\nIn accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that it has 6,270,254,540 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.\nThe above figure of 6,270,254,540 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.\nUse of Funds\nIn addition to developing opportunities with potential strategic partners, the funds raised from the Placing will be utilised to develop the Rukwa coal-to-power project. This will include technical work, comprising large scale bulk sampling and metallurgical test work for wash plant and power plant design, along with a detailed airborne topographical survey, all of which will feed in to the pre-feasibility study. The ongoing Environmental Impact Assessment ('EIA') for a starter pit will also be completed, with a subsequent EIA to cover the large pit and 100MW plus power station scenario. \nDiscussions are underway with qualified engineering and power consultants to guide the process alongside Edenville and its potential partners in the project. \nSa...