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Edenville secures £5m equity facility

27th March 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Edenville Energy has entered into a £5-million equity financing facility (EFF) with Henderson Global Investors' Volantis Capital (Henderson Volantis) subsidiary Darwin Strategic.

The facility could be drawn down at any time over a three year-period by way of the issuing of subscription notices to Darwin and could be used entirely at the discretion of the company, with no penalty fees payable should the facility not be used.

Following delivery of a subscription notice, Edenville would subscribe to Darwin new ordinary shares at 0.02p each.

An over-allotment facility was also available to Edenville, under which it may authorise Darwin, at its discretion, to increase the amount of the draw-down by up to the aggregate undrawn amount under the EFF.

Commenting on the announcement, Edenville chairperson Sally Schofield said the facility would considerably reduce the company’s future financing risk.

"We are delighted to receive support from Darwin Strategic and the fund management team at Henderson Volantis. This new £5-million facility gives Edenville access to efficient, cost-effective financing as it is needed,” she said.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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