LONDON (Alliance News) - Edenville Energy PLC on Friday said it plans to raise GBP740,000 through a discounted share placing to fund its mining activity in Tanzania.
Coal miner Edenville is to place 211.4 million new shares at 0.35 pence each. Shares were down 19% on Friday afternoon at 0.42p.
The funds, it said, will go towards increasing production from its Rukwa coal to power project from the current rate of up to 4,000 tonnes of coal a month to fulfil current and potential future orders.
Chief Executive Rufus Short said: "The placing will enable us to both expand our mining and processing operations, as we seek to maximise long-term shareholder value.
"I am pleased with the support that has been shown by investors in the placing and I look forward to providing Edenville's shareholders with further updates as we look to increase production rates throughout 2018, in order to fulfil orders from existing and potential customers."
