Business
Fundraising and Grant of Opti
Fundraising and Grant of Opti.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n RNS Number : 3905A Edenville Energy PLC 31 January 2011 \n\n \n \nEdenville Energy Plc\n(\"Edenville\" or the \"Company\")\n(AIM: EDL)\n \n£1.5million Fundraising and Grant of Options\n \nEdenville Energy, the coal focused African energy exploration and development company, announces today that it has raised £1,500,000 through a subscription of 83,333,334 new ordinary shares in the Company at a price of 1.8p each.\n \nThe new shares will rank pari passu with the existing ordinary shares, and dealings on AIM are expected to commence in the new ordinary shares on 2 February 2011. Following the issue of ordinary shares in relation to this fundraising, the Company's issued share capital will consist of 3,446,216,406 ordinary shares of 0.02p each.\n \nFunds will be used to commence drilling programmes at key coal targets, such as the Rukwa coalfield project, and progress additional geophysical exploration across the Company's portfolio of projects. Funds will also provide working capital to the Company.\n \nEdenville intends to develop resources to internationally recognised standards across its portfolio in order to bring into production economically viable coal mines capable of initially supplying the domestic African power market. The Edenville projects sit predominantly within the Mtwara Development Corridor; an economic devolvement area created by the Government of Tanzania to promote a series of projects including the creation of new coal fire power stations.\n \nThe Board proposes to grant options to acquire ordinary shares in Edenville at an exercise price of 1.8p, subject to the terms of an option scheme, as set out below.\n \n \n\n\n\n\nDirector Name\n\n\nNumber of Ordinary Shares\nsubject to option\n\n\n\n\nSimon Rollason \n\n\n10,000,000\n\n\n\n\nRakesh Patel\n\n\n10,000,000\n\n\n\n\nMark Pryor\n\n\n5,000,000\n\n\n\n\nSally Schofield\n\n\n2,500,000\n\n\n\n\n \nThe Board do not consider the grant of options will be sufficiently material as to affect the independence of Sally Schofield as a Non-Executive Director.\n \nSimon Rollason, Chairman, commented \"Today's successful placing allows Edenville to initiate a drilling programme at our primary coal targets in southern Tanzan...