All resolutions passed at Edenville’s AGM

In addition, the company has announced the results of its Open Offer to raise up to £619 099 which was announced on 30 January 2019 and closed for acceptances, in accordance with its terms, at 11.00 a.m. on 14 February 2019.

The company announces that it has received valid acceptances and excess applications from Qualifying Shareholders for a total of 52 015 192 Open Offer shares pursuant to the terms of the Open Offer. As a result, a total of 52 015 192 Open Offer shares will be issued to those shareholders that participated in the Open Offer, raising gross proceeds of approximately £62 418. In addition, the company has raised a further £15 000 following the issue of 12 500 000 Director Subscription shares to Jeffrey Malaihollo, the company’s Chairman (the Director Subscription).

The net proceeds of the Open Offer and the Director Subscription will provide the company with additional working capital.

Directors’ participations in the Open Offer and Director Subscription shares

The company confirms that Rufus Short, the company’s CEO, subscribed for a total of 8 333 333 Open Offer shares. In addition, Jeffrey Malaihollo the company’s Chairman, who was not eligible to apply for Open Offer shares, has subscribed for 12.5 million Director Subscription shares.

Collateral shares

The company will now issue 36 million ordinary shares to Lind as collateral for advancing funds pursuant to the terms of the Funding Agreement between Lind and the company (the collateral shares). Lind will subscribe for the collateral shares at their nominal value of 0.02 p per ordinary share. In addition, the options granted to Lind on 5 November 2018 to acquire a further 99 568 966 ordinary shares are now exercisable.

Provided all funds advanced to the company have been repaid, Lind is required to transfer the collateral shares back to the company after expiry of the term of the funding agreement. Lind may however at any time elect to own the collateral shares outright by paying the difference between the nominal value and the average five-day VWAP chosen by Lind during the 20 consecutive Business Days before making any such election.

Following the issue of the collateral shares and together with the options held by Lind, Lind will own a total of 36 000 000 ordinary shares in the company’s enlarged issued share capital along with 99 568 966 options over ordinary shares. Lind has also advanced a loan to the company which has a face value of US$900 000 and may be converted at any time by Lind into ordinary shares at a conversion price of 0.29 p per ordinary share.

Admission to Trading on AIM and total voting rights

Application has been made for the 100 515 192 new ordinary shares, which will rank pari passu with the company’s issued ordinary shares, to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the new ordinary shares will commence at 8.00 a.m. on 20 February 2019.

Following the issue of the new ordinary shares, the company will have 1 648 261 562 ordinary shares in issue. No ordinary shares are held in treasury. The figure of 1 648 261 562 ordinary shares may be used by the company’s shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Capitalised terms used but not otherwise defined in this announcement bear the meanings ascribed to them in the circular of the company dated 30 January 2019.

Read the article online at: https://www.worldcoal.com/coal/18022019/all-resolutions-passed-at-edenvilles-agm/