Edenville Energy plc (AIM:EDL), the Company developing a coal-to-power project in south west Tanzania have told DirectorsTalk a subscription to raise GBP432,500 through the issue of 1,922,222,222 new ordinary shares of 0.02p each in the capital of the Company 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”).
The 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.
Director Dealings
The 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
