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Edenville Energy reaches revised repayment terms with Lind Partners; launches £900K equity placing
StockMarketWire.com
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Edenville Energy said it had reached an agreement on revised terms for the repayment of $580,000 with its shareholder Lind Partners.
Under the revised terms, the company will pay Lind US$116,000 in cash, about 20% of the outstanding debt by 31 January 2021; with the remaining debt of $464,000 to be repaid in monthly instalments of $50,000 starting from the end of April this year.
The company said the placing of 3.6 million shares to raise £900,000 would help fund the repayment.
Brandon Hill, which currently held a 21.08% stake in company, agreed to subscribe for, in aggregate, 280,000 placing shares for £70,000.
Looking ahead, the company said it now expects to hand over operations at Rukwa coal mine to its strategic partner Infrastructure and Logistics Tanzania in February 2021.
'Given the expected handover of operations at Rukwa in the current quarter to Infrastructure and Logistics Tanzania, combined with the anticipated cashflow to be received from Rukwa, the board of Edenville will also utilise its existing networks to identify new potential projects that could be accretive to the company,' it added.
At 9:33am: (LON:EDL) Edenville Energy PLC share price was 0p at 0.03p
Story provided by StockMarketWire.com
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