15th Feb 2019 16:37
LONDON (Alliance News) - Edenville Energy PLC said Friday it raised GBP62,418 via the issue of 52.0 million shares pursuant to a previously announced open offer.
At the end of January, the company, which is developing a coal project in south west Tanzania, said it was planning to raise GBP619,099 via the issue of up to 515.9 million shares at 0.12p each, on the basis of 1 open offer share for every 3 existing ones.
Edenville shares closed up 10% at 0.077p each.
In addition, the company said it raised GBP15,000 following the issue of shares to Chair Jeffrey Malaihollo and Chief Executive Officer Rufus Short.
Short took up 8.3 million shares, he now holds 11.7 million share in the firm or a 0.71% stake.
Malaihollo, who was not eligible to participate in the open offer as he did not previously hold any shares, subscribed for 12.5 million shares.
The company expects all the new shares to start trading on AIM on February 20, after which it will have 1.65 billion shares in issue.
Related Shares:
EDL.L