17th Sep 2013 09:45
LONDON (Alliance News) - Edenville Energy PLC Tuesday said it has drawn down GBP390,000 from its equity finance facility with Darwin Strategic Ltd, marking its second use of the facility.
In a statement, it said it would issue 210.1 million shares to Darwin in return for the cash.
It said it would also issue a further 7.4 million shares to satisfy certain liabilities. It didn't give any details of them.
"Further use of the EFF is entirely at Edenville's discretion and we retain complete control over timing, amount and, importantly, the 'floor price' of any future drawdown. This allows Edenville to set the lowest price at which it is prepared to issue shares to Darwin," Chairman Sally Schofield said in the statement.
Edenville shares last traded at 0.185 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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