Ncondezi raises £950 000

4th May 2018

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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JOHANNESBURG (miningweekly.com) – Aim-listed Ncondezi Energy has raised £950 000, before expenses, through a conditional placing of 15.2-million ordinary shares at a price of 6.25p apiece.

The company will use the funds to strengthen its balance sheet as it moves towards the conclusion of a joint development agreement (JDA) for its 300 MW power plant and coal mine project, in Tete, Mozambique.

“Funds raised from the placing put the company in a position of strength to finalise JDA discussions with its potential partners,” Ncondezi nonexecutive chairperson Michael Haworth commented on Friday.

The proceeds of the placing, together with existing cash resources of $280 000, will cover nonproject corporate costs until the end of June 2019, subject to a shareholder loan being extended or restructured.

The shareholder loan matures on September 2, with the company currently evaluating options to extend or restructure the loan.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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