Edenville raising £400 000 to progress Rukwa
JOHANNESBURG (miningweekly.com) – Aim-listed Edenville Energy would see a capital increase of £400 000 after it raised the subscription of 1.3-billion new ordinary shares by 0.02p to 0.03p apiece in an attempt to raise company capital.
The shares, which were raised after the coal-to-power project developer was granted a mining licence for its Rukwa coal deposit, in south-west Tanzania, would be placed together with 666-million warrants, exercisable at 0.04p a warrant.
The additional funds would enable Edenville to progress the key deliverables in the draft framework agreement with Tanzania Electric Supply Company, while allowing it to start common groundworks on site.
The company could also now engage in formal negotiations for a power purchase agreement (PPA) and transmission-line agreement, enabling it to appraise the near-surface coal contained with Rukwa’s 170-million-ton measured and indicated coal resource.
This near-surface coal was expected to provide the fuel source for the initial phase of any power station development and, together with the PPA, form the basis for a firm financing proposal with a power partner.
"We are incredibly pleased by the progress made in Tanzania in recent months and we thank the Tanzanian government for their continued support of Edenville as we move into a critical phase of project development.
“We have achieved significant milestones already this year. To drive the company forward towards agreeing to the terms of a PPA and securing debt financing, we require additional funds to complete a series of very specific tasks,” said CEO Rufus Short.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation