RNS - no one picked the 5th!5 May 2021 08:07
Edenville Energy Plc
("Edenville" or the "Company")
New Strategic Investor and Proposed Placing
Edenville Energy Plc (AIM: EDL), the AIM quoted company operating the Rukwa Coal Project in southwest Tanzania ("Rukwa") is pleased to announce a number of developments.
Highlights
· Proposed strategic investment by Anthony (Tony) Buckingham of £1.00M as part of a £2.48M (before expenses) Placing, which includes participation from the Company's substantial shareholders of, in aggregate, an additional £1.05M
· Additional assets targeted in line with previous announcements
Strategic Investor
The Company is pleased to announce that Mr Anthony (Tony) Buckingham has agreed a £1,000,000 strategic investment in the Company through the Placing (as defined below), giving him a shareholding of 18.5% of the Company's issued share capital, as enlarged by the Placing, which is subject to, inter alia, shareholder approval at a General Meeting to be convened shortly.
Mr Buckingham is well known in the natural resources market, particularly in Africa, having been CEO and major shareholder of Heritage Oil Limited from 2006 until its acquisition by a wholly-owned subsidiary of Qatari investment fund, Al Mirqab Capital SPC, in 2014 for a consideration of US$1.6 billion. His wealth of experience and broad network of relationships is expected to prove highly beneficial as Edenville looks to add additional assets into the Company as previously announced.
Proposed £2,475,000 Placing
The Company has conditionally raised £2,475,000 (before expenses) by way of a placing of 9,900,000 new ordinary shares of 1p each in the Company ("Ordinary Shares") at a placing price of 25p per Ordinary Share (the "Placing Shares") through Brandon Hill Capital Limited ("Brandon Hill") (the "Placing"). Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission"), conditional on shareholder approval at the duly convened General Meeting. A notice of General Meeting will be announced and posted to shareholders shortly.
Conditional on completion of the Placing, investors in the Placing will also receive, for every Placing Share, one warrant to subscribe for one new Ordinary Share, each with an exercise price of 25p per share, exercisable for a period of three years from the date of grant ("Warrants"), resulting in the issue of 9,900,000 Warrants. If the Warrants are exercised in full, this would result in the issue of a further 9,900,000 new Ordinary Shares, raising £2,475,000 for the development of the Company's business, and which would represent in aggregate approximately 29% of the Company's fully diluted share capital.
As mentioned above, Mr Buckingham has agreed to invest £1,000,000 in the Placing for 4,000,000 Placing Shares, which will result in him holding an 18.5% interest in the enlarged issued share capital of the Company on Admission. In addition, Mr Buckingham, on Admission, will hold 4,000,000
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