Business
Placing to raise ?740,000 & Appointment of Broker
Placing to raise ?740,000 & Appointment of Broker.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 4470M Edenville Energy PLC 27 April 2018 \n\n27 April 2018\n \n \nEDENVILLE ENERGY PLC\n(\"Edenville\" or the \"Company\")\n \nPlacing to raise £740,000 and Appointment of Broker\n \n \nEdenville Energy plc (AIM:EDL), the company developing a coal project in southwest Tanzania, announces a placing to raise £740,000 (before expenses) via the issue of 211,428,572 new ordinary shares of 0.02 pence each in the capital of the Company (\"Ordinary Shares\") at 0.35 pence per Ordinary Share (the \"Placing Shares\") to new and existing shareholders (the \"Placing\"). The Placing was undertaken by Northland Capital Partners Limited who have been appointed as the Company's broker with immediate effect. \n \nThe Company will apply the net proceeds of the Placing to advance its current mining operations. The majority of the funds raised will be deployed on expenditure, primarily capital expenditure, in connection with the expansion and enhancement of Edenville's current mining activities. The Company is currently operating at up to 4,000 tonnes of coal per month and will used these funds to increase production rates in order to fulfil current and potential orders. The balance of the net Placing proceeds will be used for general working capital purposes.\n \nRufus Short, Edenville's CEO commented: \"The Placing will enable us to both expand our mining and processing operations, as we seek to maximise long-term shareholder value.\n \n\"I am pleased with the support that has been shown by investors in the Placing and I look forward to providing Edenville's shareholders with further updates as we look to increase production rates throughout 2018, in order to fulfil orders from existing and potential customers.\"\n \nAdmission and Total Voting Rights\nApplication for the admission to trading on AIM of the Placing Shares on AIM will be made to the London Stock Exchange (\"Admission\") and Admission is expected to become effective at 8am on or around 3 May 2018.\n \nFollowing Admission, the issued share capital of the Company will be 1,547,746,370 Ordinary Shares. The Placing Shares 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 Admissi...