Ncondezi Energy Ltd - solar and energy storage project in Mozambique - Raises GBP520,000 from placing of 80.0 million shares at 0.65 pence. Each new share comes with a warrant to buy another share within 18 months at 1.30p. Non-Executive Director Scott Fletcher takes 15.9 million shares, contributing GBP103,584. The funds will be used for working capital and will cover the costs of delivering the next milestones at the Tete project.
"Ncondezi's updated valuation forecasts further confirm the value potential of our solar project to shareholders and new investors," says Chief Executive Officer Hanno Pengilly. "These results are derived from the recently announced positive [feasibility study] results which confirm the project's technical viability and strong solar resources."
Current stock price: 0.84p, down 9.7% in London on Monday
12-month change: down 32%
By Tom Waite; thomaslwaite@alliancenews.com
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