Business
£432,500 Subscription
£432,500 Subscription.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 0690B Edenville Energy PLC 14 June 2016 \n\n14 June 2016\n \nEDENVILLE ENERGY PLC\n(\"Edenville\" or the \"Company\")\n \n£432,500 Subscription\n \nEdenville 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\").\nThe 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. \n \nDirector Dealings \nThe 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. \n \nAdmission\nApplication 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.\nIn ...