LONDON (Alliance News) - Edenville Energy PLC Friday said it has completed a placing of more than 1.4 million shares, raising gross proceeds of GBP1 million for accelerating the development and strategic partnership plans for its Rukwa coal-to-power project, a proposed 100 mega watt plus power station.
The African coal exploration and development company said the planned work includes large scale bulk sampling and metallurgical test work for wash plant and power plant design, and a detailed airborne topographical survey, all of which will feed in to the pre-feasibility study.
Its shares were the biggest faller on AIM Friday morning, down 40% at 0.0900 pence per share as the 0.07 pence placing price set a new reference price.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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