JOHNNESBURG (miningweekly.com) – Aim-listed Edenville Energy will raise £432 500 through the issue of 1.92-billion new ordinary shares at 0.0225p apiece.
The net proceeds from the subscription would be used for the advancement of mining development, including bulk sampling and analysis, at the company’s Rukwa project, in Tanzania.
The funds would also be used for progressing regulatory requirements for mine and power development with Tanzanian government institutions, the progression of commercial discussions with power generation, transmission and distribution body Tanesco and general working capital requirements.
Edenville chairperson and CEO Rufus Short and COO Mark Pryor each subscribed for 44.44-million ordinary shares in the company.