Business
Strategic Investment and Board Changes
Strategic Investment and Board Changes.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n\n1 June 2023\nEdenville Energy Plc\n(\"Edenville\" or the \"Company\")\nStrategic Investment and Board Changes\n \nEdenville Energy Plc (AIM: EDL), an African focused mine operator and developer, is pleased to announce that is has raised £1.468 million through direct subscriptions, at 5.0 pence per share, by two African focused mining investment groups, and further announces proposed changes to its Board of Directors including the appointment of Jason Brewer as Executive Director.\nHighlights\n· £1,468,000 capital raising at 5.0 pence per share (\"Issue Price\") being undertaken in two tranches (\"Capital Raising\"), comprising £575,000 under the Company's existing share issuance authorities and a further £893,000 to be completed subject to shareholder approval at a General Meeting (\"GM\") to be convened shortly\n· Q Global Commodities Group (\"QGC), one of South Africa's leading independent commodity, mining, logistics and investment funds to subscribe, via its wholly-owned subsidiary AUO Commercial Brokerage LLC, in total for £879,330 and, subject to shareholder approval at the GM, become the Company's major shareholder with a 29.95% interest\n· Gathoni Muchai Investments Limited (\"GMI\"), an East Africa based mining investment group to subscribe in total for £588,670 and become a major shareholder of the Company, subject to shareholder approval at the GM, with a 20.05% interest\n· Conditional upon shareholder approval at the GM, QGC and GMI will also each receive warrants allowing them to subscribe for, in total, 5,451,691 new ordinary shares in the Company at an exercise price of 25 pence each, exercisable until 25 May 2024 (\"Fundraise Warrants\")\n· Funds from the Capital Raising to be used by the Company to fund its ongoing working capital requirements and for due diligence costs associated with ongoing review work of potential new and strategically complimentary projects in Africa\n· Jason Brewer, a director of GMI and the CEO of London-listed Marula Mining Plc, and who is based in East Africa, has been appointed Executive Director of the Company, effective immediately. Mr Nicholas (Nick) von Schirnding, Non-Executive Chairman intends to step down as a director of the Company with effect from the con...