Edenville raises £500 000
JOHANNESBURG (miningweekly.com) – Aim-listed Edenville Energy has raised £500 000 through an oversubscribed placing to new and existing shareholders to advance commercial mining operations at its Rukwa coal-to-power project, in south-west Tanzania.
The raising will also be used to continue the project’s technical and regulatory requirements and for general corporate requirements in anticipation of the opportunity the East African country’s import ban will provide.
“These funds have been primarily raised to progress and take advantage of [recent] opportunities to move Edenville rapidly to become a coal producer, albeit likely at a modest scale in the first instance,” said CEO Rufus Short.
In August, Edenville started reviewing its options of near-term coal supply after the Tanzanian government placed an immediate ban on the import of coal.
The Tanzanian Ministry of Energy and Minerals aims to unlock the development potential of the local coal industry by stimulating local commercial production of the country’s resources.
“We have been seeing strong interest from potential commercial customers for our coal following the government's ban on coal imports into Tanzania,” he added.
The company issued 125-million new 0.02p ordinary shares at a price of 0.4p apiece, as well as 62.5-million warrants, on a basis of one warrant for every two placing shares, exercisable at 0.54p each within the next 12 months.
The placing shares are expected to be admitted for trading on Aim on October 4.
“Our primary focus remains developing our Rukwa coal-to-power project, which will be able to fully exploit our coal resource, but moving into production will both provide an income stream for the company and demonstrate the quality of our coal,” Short concluded.
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