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Ncondezi Energy Ltd - Mozambique-based power development company - Restructures working capital facility term loan to a convertible loan, which will be increased by an additional £100,000, to accelerate the development of the solar project.
Solar project feasibility study is underway, with the first results expected in September.
Chair Michael Haworth and CEO Hanno Pengilly will under the undertaking, reflecting 35% of the outstanding amount of the loan.
‘Work on the feasibility study is now underway and additional development studies on transmission, environment and social are being commissioned. We expect the preliminary results of these studies during September 2022,’ Pengilly added.
‘To implement the additional development work, the company has received offers of funding from directors which are proposed to be rolled into the convertible loan as part of the Seritza loan restructuring. Documentation is at an advanced stage and is expected to be concluded in the coming weeks,’ he continued.
Current stock price: 1.02 pence
12-month change: down 61%
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