Ncondezi raises £750k in over subscribed placing
Ncondezi Energy has raised £750k before expenses by way of an oversubscribed placing at a small premium to the 30 day volume weighted average price. The net proceeds together with the Company’s existing cash resources are expected to cover corporate costs to complete the tariff negotiations with Electricidade de Moçambique and key agreements including the Power Purchase Agreement and Power Concession Agreement.
NED Scott Fletcher has subscribed for 1,777,800 Placing Shares for a total of £80,000. taking his holding to c.17.06% of the Company’s enlarged issued share capital.
In addition to the Placing, Hanno Pengilly, the Company’s CEO, has confirmed his intention to apply up to $120,000 of any bonus due in 2019 and 2020 in subscribing for new Ordinary Shares in the Company at the Placing Price.
For each two Placing Shares subscribed for in the Placing participating investors will receive a non-transferable warrant to subscribe for an Ordinary Share with an exercise period of one year and exercisable at a price of 7.5 pence per Ordinary Share (the “Placing Warrants”). The issue of the Placing Warrants is subject to the approval of certain shareholder resolutions at the Company’s Annual General Meeting on 16 December 2020 (the “AGM”).
