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Edenville Energy raises ?300,000 in placing

Fri, 06th Sep 2019 08:23

(Sharecast News) - Tanzanian-focussed coal miner Edenville Energy has raised £300,000 by way of a placing of 600m new ordinary shares at a price of 0.05p each.
Edenville will use the proceeds of the placing to supplement its working capital following the decision to accelerate mining and processing operations by acquiring new trucks and increasing shifts at its wash plant as part of an effort to increase overall productivity.

Brandon Hill, the company's joint-broker, agreed to subscribe for a total of 300m placing shares, representing a cash subscription of £150,000. The remaining 300m shares were snapped up by existing investor Pitchcroft Capital and its executives.

The AIM-listed group also told investors on Friday that it had made "important strides" since its recapitalisation back in April, including the completion of upgrades to its washing plant and the opening up of its Northern Mining Area, which proved to hold both thicker seams and higher energy values than previously mined areas.

Chief executive Rufus Short said: "Edenville has already witnessed an increase in productivity since this recent change in the business.

"Accordingly, with this modest working capital raise, the directors believe the company remains on track to become cash-flow positive from operations during H1 2020."

However, Edenville did note that these "positive developments" were partially offset by delays experienced with respect to trucks and other equipment provided by mining contractors, thereby reducing mining capacity.

As of 0820 BST, Edenville shares had dipped 1.82% to 0.054p.
More News
3 Aug 2023 18:32

IN BRIEF: Edenville shareholders pass changing name to Shuka Minerals

Edenville Energy PLC - Africa-focused mine operator and developer - At its annual general meeting on Thursday, shareholders approved the proposed name change to Shuka Minerals PLC. Says a further announcement will be made in "due course". Also confirms following an announcement last month, Non-Executive Chair Nick von Schirnding has tendered his three months' notice to resign, effective October 31.

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27 Jul 2023 15:43

UK shareholder meetings calendar - next 7 days

Friday 28 July 
African Pioneer PLCAGM
Bezant Resources PLCAGM
Braveheart Investment Group PLCAGM
Cordiant Digital Infrastructure LtdAGM
DP Poland PLCAGM
Intuitive Investments Group PLCGM re proposals on investment strategy
Jangada Mines PLCAGM
Mercantile Ports & Logistics LtdAGM
MetalNRG PLCAGM
Northern 2 VCT PLCGM re party transaction
Polymetal International PLCGM re delisting
R&Q Insurance Holdings LtdAGM
Science in Sport PLCAGM
Urban Logistics REIT PLCAGM
Xtract Resources PLCAGM
Monday 31 July 
B90 Holdings PLCAGM
Barryroe Offshore Energy PLCEGM re proposed cancellation of admission to trading on AIM
Live Co Group PLCAGM
OnTheMarket PLCAGM
Tintra PLCAGM
Tuesday 1 August 
Bonhill Group PLCGM re members' voluntary liquidation
Deltex Medical Group PLCGM re placing and subscription
Syncona LtdAGM
Wednesday 2 August 
Bushveld Minerals LtdAGM
Sequoia Economic Infrastructure Income Fund LtdAGM
Wizz Air Holdings PLCGM re proposed purchase
Thursday 3 August 
Distil PLCAGM
Edenville Energy PLCAGM
Future PLCGM re authorising the company to buy back up to 10% of shares
Investec PLCAGM
Landore Resources LtdEGM re dual-listing in Canada
Ukrproduct Group LtdAGM
  
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30 Jun 2023 14:03

EARNINGS SUMMARY: Wentworth swings to loss as M&P takeover drags on

(Alliance News) - The following is a round-up of 2022 annual results by London-listed companies, issued on Friday and not separately reported by Alliance News:

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2 Jun 2023 13:30

Edenville Energy proposes name change to Shuka Resources

(Sharecast News) - Africa-focussed miner Edenville Energy announced its proposal to change its name to Shuka Resources on Friday.

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2 Jun 2023 10:16

IN BRIEF: Edenville Energy proposes name change to Shuka Resources

Edenville Energy PLC - African focused mine operator and developer - Proposes name change to Shuka Resources PLC, which it says "better reflects the company's key focus in Africa".

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2 Jun 2023 09:04

LONDON MARKET OPEN: Stocks up on US debt deal; Dechra up on takeover

(Alliance News) - Stock prices in London opened higher on Friday, after a week dominated by the US debt ceiling agreement, which was passed by the Senate late Thursday.

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1 Jun 2023 12:12

Edenville Energy shares soar as it raises GBP1.5 million

(Alliance News) - Edenville Energy PLC on Thursday said it has raised GBP1.5 million through a direct subscription by two Africa-focused mining investment groups.

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1 Jun 2023 10:52

AIM WINNERS & LOSERS: Westminster Group surges as revenue jumps

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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11 Apr 2023 12:29

Edenville upbeat on latest activity at Rukwa Coal Project

(Sharecast News) - Mining company Edenville Energy updated the market on production at its Rukwa Coal Project in Tanzania on Tuesday, reporting that 594 tonnes of coal were washed at Rukwa in March.

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11 Apr 2023 11:44

Edenville Energy "encouraged" as 594 tonnes of coal washed at Rukwa

(Alliance News) - Edenville Energy PLC said on Tuesday its production performance at Rukwa project improved last month amid better weather conditions.

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28 Mar 2023 14:30

TRADING UPDATES: Clontarf Energy agrees joint venture with NEXT-ChemX

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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9 Feb 2023 12:18

Edenville says 2,000 tonnes of coal per month rained off until June

(Alliance News) - Edenville Energy PLC on Thursday said it has agreed on a coal supply deal, as the ongoing rainy season in Tanzania continues to hinder production.

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13 Dec 2022 12:45

IN BRIEF: Edenville Energy wins case after unfair dismissal claims

Edenville Energy PLC - London-based thermal coal developer, focused on brownfield Rukwa coalfields in western Tanzania - Successfully defends claim from former employees relating to unfair dismissal as a result of Covid-19. "The judgement by the court in Tanzania found in the company's favour and rejected the employees claim in its entirety," Edenville says. Earlier this month, Edenville said it had raised GBP400,000 through the issue of shares, to provide additional working capital and to provide sufficient fund to meet any adverse judgements as a result of legal claims.

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6 Dec 2022 17:11

TRADING UPDATES: Securities Trust of Scotland outperforms benchmark

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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6 Dec 2022 11:28

Edenville shares tumble as group undertakes discounted placing

(Sharecast News) - Exploration and development firm Edenville Energy has undertaken a placing to raise gross proceeds of £400,000 in order to provide the group with additional working capital, settle outstanding creditors and provide sufficient funds to meet any unexpected adverse judgement as a result of ongoing legal claims.

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