Ncondezi Energy to Raise GBP3.4 Million via 1:4 Open Offer/5.78P
22 December 2014 - 7:09PM
Dow Jones News
LONDON--Ncondezi Energy Ltd. (NCCL.LN) said Monday it is raising
up to 3.4 million pounds ($5.31 million) via a one-for-four open
offer of up to 59.17 million new Ordinary shares at 5.78 pence per
share, which will ensure it is adequately funded while it works to
complete the strategic partner process and EDM conditions
precedent.
The power development company, with an integrated thermal coal
power plant and mine project located on the Ncondezi licenses in
the Tete Province, Northern Mozambique, said it will also use the
money for select development work streams and to for further
general working capital requirements.
The offer price represents a premium of 7.5% to the closing
price of 5.375 pence per share on Dec. 19.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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