News4 May 2018 08:08
Placing to Raise £950,000
4 May 2018: Ncondezi Energy Limited ("Ncondezi" or the "Company") (AIM: NCCL) is pleased to announce that it has raised a total of £950,000 before expenses through a conditional placing ("Placing") of 15,200,000 ordinary shares in the Company ("Ordinary Shares") at a price of 6.25 pence per Ordinary Share (the "Placing Price"). The Company will use the funds to strengthen its balance sheet as it moves towards the conclusion of the Joint Development Agreement (JDA).
The Placing was arranged by Novum Securities Limited, and the Placing Price represents a discount of approximately 16% to the closing price of 7.45 pence on 3 May 2018 (being the latest practicable date prior to the publication of this announcement).
Application will be made for the admission of the new Ordinary Shares to trading on AIM ("Admission"), with Admission expected to take place on or around 18 May 2018. Completion of the Placing is conditional upon, inter alia, Admission taking place. The Ordinary Shares will rank pari passu in all respects with the existing ordinary shares of the Company.