A Agilent Technologies

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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