Business
Draw Down of Funds & Issue of Equity for drawdown
Draw Down of Funds & Issue of Equity for drawdown.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 1629O Edenville Energy PLC 17 September 2013 \n\n17 September 2013\n \nEdenville Energy \n(\"Edenville\" or the \"Company\")\n \nDraw Down of Funds and Issue of Equity for drawdown \n \nEdenville Energy plc (AIM:EDL), the coal focused African energy exploration and development company, is pleased to announce that it has raised £390,000 following a subscription for new ordinary shares of 0.02p each in the capital of the Company (\"Ordinary Shares\") by Darwin Strategic Limited (\"Darwin\"), a majority owned subsidiary of Henderson Global Investors' Volantis Capital, under the Equity Finance Facility (\"EFF\") announced on 27 March 2013. Pursuant to the terms of this draw down the Company has agreed to issue 210,069,392 new Ordinary Shares to Darwin at a price of 0.186p per new Ordinary Share, conditional on admission of the new Ordinary Shares to trading on AIM. The Company has also issued 7,397,314 new Ordinary Shares to satisfy certain liabilities due. The new Ordinary Shares rank pari passu with the existing Ordinary Shares. \n \nApplication will be made for the admission of the 217,466,706 new Ordinary Shares to trading on AIM (\"Admission\"). It is expected that Admission will occur and that dealings will commence at 8.00 a.m. on 20 September 2013.\n \nFollowing Admission, the Company's enlarged issued share capital will comprise 4,841,683,112 Ordinary Shares. The Company does not hold any shares in treasury. This figure of 4,841,683,112 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.\n \nCommenting, Sally Schofield, Chairman, said \"The second draw down under the Darwin Equity Finance Facility ('EFF') is now complete, raising the Company £390,000 at a subscription price of 0.186 pence per share for working capital purposes. Further use of the EFF is entirely at Edenville's discretion and we retain complete control over timing, amount and, importantly, the 'floor price' of any future drawdown. This allows Edenville to set the lowest price at which it is prepared to issue shares to Darwin. W...