Ncondezi Energy Limited Placing to Raise £750,000 (8788T)
October 18 2017 - 1:00AM
UK Regulatory
TIDMNCCL
RNS Number : 8788T
Ncondezi Energy Limited
18 October 2017
News Release
Placing to Raise GBP750,000
18 October 2017: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) is pleased to announce that it has
conditionally raised a total of GBP750,000 before expenses through
an oversubscribed placing ("Placing") of 15,000,000 ordinary shares
in the Company ("Ordinary Shares") at a price of 5 pence per
Ordinary Share (the "Placing Price"). The Company will use the
funds raised by the Placing to cover non project corporate costs
until the end of August 2018, before the maturity of the
Shareholder Loan, and to secure the Company's position as it
finalises the exclusivity arrangement with its proposed
partner.
Application will be made for the admission of the new Ordinary
Shares to trading on AIM ("Admission"), with Admission expected to
take place on or around 23 October 2017. Completion of the Placing
is conditional upon, inter alia, Admission taking place. The
Ordinary Shares will rank pari passu in all respects with the
existing ordinary shares of the Company. Completion of the placing
is subject to usual conditions, including Admission taking
place.
Ncondezi Non-Executive Chairman, Michael Haworth, commented:
"Funds raised from the placing safeguards the Company's immediate
financing needs to complete the new partner process and enter into
binding negotiations, and ensures that the company is adequately
capitalised until the end of August 2018."
Total Voting Rights
Following Admission, the Company's issued share capital will
comprise 265,299,844 Ordinary Shares, each with voting rights. The
above figure of 265,299,844 Ordinary Shares may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the Disclosure and Transparency Rules.
In connection with the Placing, the Company has also agreed to
issue 1,500,000 warrants over Ordinary Shares to a nominee of Novum
Securities Ltd ("Novum") ("Warrants"). Each Warrant entitles the
holder to subscribe for one Ordinary Share at an exercise price of
5 pence per Ordinary Share and will be exercisable at any time for
a period of two years from the date of Admission.
Following Admission, Novum will become joint broker of the
Company. Liberum Capital Limited will remain NOMAD and joint
broker.
New Partner Process
On 29 September, the Company announced that negotiations to
enter into exclusive arrangements with a preferred new development
partner were at an advanced stage with exclusivity expected to be
granted in early October.
These discussions are ongoing, with a non-binding offer awaiting
internal sign off from the new partner, which the parties have
targeted for finalisation during October although there can be no
assurance that it will be concluded in this time or at all.
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
+27 (0) 71 362
Ncondezi Energy: Hanno Pengilly 3566
Liberum Capital
Limited: Neil Elliot / Richard +44 (0) 20 3100
NOMAD & Broker Crawley 2000
Note:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact Hanno Pengilly,
Chief Development Officer of the Company (responsible for arranging
release of this announcement) on +27 (0) 71 362 3566.
Ncondezi owns 100% of the Ncondezi Project which is
strategically located in the power generating hub of the country,
the Tete Province in northern Mozambique. The Company is developing
an integrated thermal coal mine and power plant in phases of 300MW
up to 1,800MW. The first 300MW phase is targeting domestic
consumption in Mozambique using reinforced existing transmission
capacity to meet current demand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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