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Edenville Energy announces interim results

Published by
World Coal,


Edenville Energy plc, a company developing a coal project in southwest Tanzania, has announced the company's unaudited interim results for the six months ended 30 June 2021 (the period).

Highlights

  • The period has seen a significant positive change in prospects for the company.
  • On 15 January 2021, the company announced that it had raised £900 000 (before expenses) by way of a placing of 3.6 million new ordinary shares at a placing price of 25 p per ordinary share with new and existing shareholders.
  • On 15 January 2021, the company announced that it had reached agreement with Lind Partners LLC regarding its outstanding funding agreement and, on 22 June 2021, the company announced that it had repaid in cash the full outstanding amount owed to Lind.
  • On 5 May 2021, the company raised £2 475 000 (before expenses) by way of a placing of 9.9 million new ordinary shares at a placing price of 25 p per ordinary share. Investors also received one warrant for every placing share. If these warrants are exercised in full the company will receive a further £2 475 000 for the development of the company's business.
  • As part of the fund raising in May 2021, a new strategic investor, Anthony Buckingham, took an 18.5% stake in the company through an investment of £1 million, with the majority of the balance of the funds raised coming from the company's substantial shareholders. 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.
  • The period saw a significant increase in coal prices globally, with this trend continuing post period also. This has led to renewed interest in the supply of coal from the company's flagship Rukwa project.
  • With an improved cash position, the company is targeting additional asset acquisitions, leveraging the natural resources and capital markets expertise of its Board and significant shareholders.
  • Post period end Franco Caselli was appointed as a Non-executive Director of the company to assist with its future development.

Read the article online at: https://www.worldcoal.com/coal/01102021/edenville-energy-announces-interim-results/

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