Edenville Energy Plc
('Edenville' or the 'Company')
£2.5million Fundraising
31st January 2012
Edenville Energy (AIM:EDL), the African energy focused
exploration and development company, is pleased to announce a
share placing (the 'Placing') of 1,000,000,000 new
ordinary shares in the Company at a price of 0.25 pence per
share to raise £2.5
million (before expenses). The shares will rank pari passu
with all existing ordinary shares and dealings on AIM are
expected to commence on 6th February 2012.
Following this issue the Company's issued share capital
comprises 4,446,216,406 ordinary shares of 0.02p each.
The Placing proceeds will fund the proposed 2012 drill
programme at the Company's Rukwa coal project in
southern Tanzania, which is planned to evaluate coal
mineralisation along strike from the area drilled in 2011 and
also to test the down-dip depth extension of the
intersections reported last year. It is anticipated that
further test work at Rukwa during 2012 will allow a
development decision to be made. In addition, the proceeds
will also fund further exploration and development of the
Company's portfolio of earlier stage coal assets in
southern Tanzania during the coming year. The Company
continues to work closely with Wardell Armstrong
International ("WAI"), the global mining
consultancy group, who will prepare the maiden resource
estimation for the project based on the 2011 drill campaign,
once all the outstanding results have been received from the
laboratory.
Edenville's Chairman, Simon Rollason, commented
"successful completion of this £2.5 million fundraising
significantly strengthens Edenville's position as a
potential developer of bulk tonnage coal assets in southern
Tanzania with a view to supplying local and regional markets.
Following receipt of the awaited results from the 2011
drilling programme at the Rukwa coalfield the funds will
allow Edenville to progress a targeted exploration program to
build significant economic resources at the site. Our
objective remains to rapidly be at the stage to make a
production decision on Mkomolo and Namwele, and expedite the
evaluation of other opportunities we have identified in the
area."
+44 (0) 20 7099 1940
Ray Zimmerman/ Marc Cramsie +44 (0) 20 7060 2220
Laurence Read/Richard Gotla +44 (0) 20 7653 9855
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