Ncondezi Energy Ltd - coal-fired power project in Mozambique - Raises GBP600,000 from issue of 40.0 million shares at 1.5 pence per share.
Non Executive Director Scott Fletcher subscribes for 3.3 million shares in the placing, taking his stake in the company to 19%. Chief Executive Hanno Pengilly also plans to take any cash bonus owed to him in 2021 in shares.
For every two placing shares subscribed for in the placing, investors will receive a non-transferable warrant to subscribe for a share within the next 18 months at 3p.
The company will use the net proceeds of the placing for general working capital purposes and development expenditure at the 300 megwatt Ncondezi project.
Current stock price: 1.64 pence
Year-to-date change: down 70%
By Paul McGowan; paulmcgowan@alliancenews.com
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