Aim-listed Edenville Energy plans to raise £1.4-million in capital through the issue of just under 30-million shares to fund ongoing working capital requirements, and due diligence costs associated with the ongoing review work of new projects in Africa.
Edenville advises that the capital raising, at 5p apiece, is being undertaken in two tranches, comprising £575 000 under the company's existing share issuance authorities and a further £893 000 to be completed subject to shareholder approval at a general meeting.
Firm subscriptions have been received by the company’s existing share issuance authorities, including Q Global Commodities Group and Gathoni Muchai Investments.
Meanwhile, Edenville has appointed fellow-listed Marula Mining CEO Jason Brewer as an executive director of Edenville, effective immediately.