Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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At least the Directors are kicking in - go over to UKOG - none of their Directors have coughed up in 5 years...................
Equity Fundraising of approximately £500,000
14 April 2020
Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to announce that it has raised approximately £500,000 via a subscription for new shares, to be completed in two tranches. The Company has raised approximately £415,164 (the “Subscription“) through the issue of 20,758,220 new ordinary shares of 1 pence each in the Company (the “Subscription Shares“) at a price of 2p per Ordinary Share (“Issue Price“). The Subscription includes a £141,114 subscription by Petrichor Holdings Coöperatief U.A. (“Petrichor”).
In addition, because the Company is currently in a close period due to its intended publication of Interim Results for the six months ended 31 January 2020 on 21 April 2020, Mark Abbott (Managing Director), Walter Roberts (Non-Executive Director and Company Secretary) and Tim Davies (Non-Executive Director) of Egdon have undertaken to subscribe to raise £56,000 following publication of those Interim Results as set out further below (the “Directors’ Subscription”). In connection with the Director’s Subscription, Petrichor has undertaken to subscribe for such further number of shares, at the Issue Price, that would maintain their holding in the Company at 33.99%. If the Directors Subscription is undertaken at the Issue Price (2p per Ordinary Share) this will result in gross proceeds of £500,000 for the two tranches.
Highlights
Subscription for 7,055,720 New Ordinary Shares as outlined below (the “Petrichor Subscription Shares“) by Petrichor at an issue price of 2 pence per Subscription Share to raise gross proceeds of £141,114 (the “Petrichor Subscription“).
In connection with the Directors’ Subscription, Petrichor has undertaken to subscribe for such number of shares at the Issue Price that would maintain their holding in the Company at 33.99% (the “Petrichor Further Subscription”)
The Issue Price represents a 14.89 per cent. discount to the closing price (of 2.35p) of the Ordinary Shares on Thursday 9 April 2020, the last trading day prior to this Announcement.
An undertaking to subscribe to raise £56,000 by Mark Abbott (Managing Director), Walter Roberts (Non-Executive Director and Company Secretary) and Tim Davies (Non-Executive Director) (the “Directors’ Subscription”) at the higher of the Issue Price or the volume weighted adjusted price (“VWAP”) of the Ordinary Shares on the three days following publication of the Company’s Interim Results, subject to the same discount of 14.89 per cent (the “Directors’ Subscription Price”).
The net proceeds of the fundraising receivable by the Company will be used primarily to:
Progress key near term cash generative projects such as Wressle; and
General working capital.
The Fundraising will complete in 2 tranches, the first of which will complete on or around 20 April 2020 and the second will complete on or around 27 April 2020, or the earliest such time that the Directors are not in poss
More dilution today.
Personally I would not want any fundraiser to take place in the forseeable anyway. The SP needs to come up a heck of a lot before any of that chat and even then we would only want potential dilution to directly result in a far greater T/O & profit.
I believe Egdon could benefit directly from a bank line of credit to see us through the short term and I hope management are working on this as a form of backup.
There are better fundamentals around Egdon now and once the crisis abates we will be in an improved position than only several months ago.
https://www.thisismoney.co.uk/money/news/article-8188057/Dozens-firms-booted-AIM-Londons-junior-stock-market.html - interesting article