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Edenville Energy PLC (EDL)

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Monday 31 January, 2011

Edenville Energy PLC

Fundraising and Grant of Opti

RNS Number : 3905A
Edenville Energy PLC
31 January 2011
 

 

 

Edenville Energy Plc

("Edenville" or the "Company")

(AIM: EDL)

 

£1.5million Fundraising and Grant of Options

 

Edenville Energy, the coal focused African energy exploration and development company, announces today that it has raised £1,500,000 through a subscription of 83,333,334 new ordinary shares in the Company at a price of 1.8p each.

 

The new shares will rank pari passu with the existing ordinary shares, and dealings on AIM are expected to commence in the new ordinary shares on 2 February 2011. Following the issue of ordinary shares in relation to this fundraising, the Company's issued share capital will consist of 3,446,216,406 ordinary shares of 0.02p each.

 

Funds will be used to commence drilling programmes at key coal targets, such as the Rukwa coalfield project, and progress additional geophysical exploration across the Company's portfolio of projects. Funds will also provide working capital to the Company.

 

Edenville intends to develop resources to internationally recognised standards across its portfolio in order to bring into production economically viable coal mines capable of initially supplying the domestic African power market. The Edenville projects sit predominantly within the Mtwara Development Corridor; an economic devolvement area created by the Government of Tanzania to promote a series of projects including the creation of new coal fire power stations.

 

The Board proposes to grant options to acquire ordinary shares in Edenville at an exercise price of 1.8p, subject to the terms of an option scheme, as set out below.

 

 

Director Name

Number of Ordinary Shares

subject to option

Simon Rollason            

10,000,000

Rakesh Patel

10,000,000

Mark Pryor

5,000,000

Sally Schofield

2,500,000

 

The Board do not consider the grant of options will be sufficiently material as to affect the independence of Sally Schofield as a Non-Executive Director.

 

Simon Rollason, Chairman, commented "Today's successful placing allows Edenville to initiate a drilling programme at our primary coal targets in southern Tanzania. Following positive exploration results from the Rukwa coalfield project we intend to rapidly define a coal resource during the course of 2011."

 

31 January 2011

 

For more information


Edenville

Simon Rollason / Rakesh Patel

 +44 (0) 20 7099 1940

ZAI Corporate Finance Ltd

Marc Cramsie / John Depasquale

+44 (0) 20 7060 2220

Threadneedle Communications

Laurence Read/Beth Harris

+44(0)20 7653 9855

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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