LONDON (Alliance News) - Edenville Energy PLC on Wednesday said it has raised GBP400,000 through a share subscription and has issued a series of further warrants.
Edenville said it will issue 1.33 billion shares at 0.03 pence per share to raise the subscription funding. Edenville shares were down 20% to 0.036p Wednesday morning, one of the worst performers in the AIM All-Share.
In addition, the company said it has issued a further 666.7 million warrants exercisable at 0.04p per share.
The funds from the subscription will be used to back Edenville's work on the Rukwa coal deposit in Tanzania, including the start of groundworks to improve roads and infrastructure around the project.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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