Edenville Energy PLC Operational and Corporate Update (6944G)
November 27 2020 - 2:00AM
UK Regulatory
TIDMEDL
RNS Number : 6944G
Edenville Energy PLC
27 November 2020
27 November 2020
EDENVILLE ENERGY PLC
("Edenville" or the "Company")
Operational and Corporate Update
Edenville Energy Plc (AIM: EDL), the AIM quoted company
operating the Rukwa Coal Project in southwest Tanzania ("Rukwa")
provides an operational and corporate update.
Operational Update
The Rukwa mine continues to fulfil its pre-purchase orders.
The Company still expects to hand over the operations at Rukwa
to its strategic partner Infrastructure and Logistics Tanzania Ltd
("ILTL") shortly, pursuant to the terms of the previously announced
Coal Mining Agreement ("CMA") between the two parties.
Both Edenville and ILTL had expected this transition to take
place before the end of November 2020. However, as a result of
ongoing administrative issues relating to work permits between the
Tanzanian Government and ILTL, principally as a result of a backlog
caused by Covid-19, the transition is delayed. Both parties expect
these administrative issues to be resolved in the short term and a
further announcement regarding the new commencement date will be
made as soon as it has been confirmed.
Funding Agreement with Lind Partners LLC - Update
The Company also provides an update regarding its outstanding
funding agreement with Lind Partners LLC ("Lind"), that was first
announced on 6 November 2018 and further detailed in the Company's
announcements of 29 April 2019, 23 January 2020, 7 April 2020 and 6
October 2020 (the "Funding Agreement").
As announced on 6 October 2020, Lind initially requested that
Edenville repay the total outstanding balance of the Funding
Agreement, which is currently US$580,000 by 30 November 2020. The
Company subsequently entered into discussions with Lind regarding
the repayment terms of the Funding Agreement.
The Directors are confident that mutually agreeable terms can be
agreed with Lind regarding the Funding Agreement, however, at this
current time it is premature to reach any conclusions. There are no
assurances that these discussions will result in a favourable
outcome for Edenville.
Should Edenville be unable to agree mutually agreeable terms
with Lind, there may be material uncertainty regarding the
Company's ability to continue as a going concern unless the Company
raises further capital. The Company has a number of supportive
significant shareholders whom the Directors believe would continue
to support the Company in such event. In the near term, the
Directors are working towards reaching a conclusion with Lind with
regards to the Funding Agreement.
A further announcement regarding the status of the Funding
Agreement will be made as soon as practicable.
Notice of 2020 Annual General Meeting
Notice of the Company's forthcoming Annual General Meeting will
be announced imminently, along with information regarding how
shareholders can request a hard copy of the Annual Report for the
year ended 31 December 2019.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Edenville Energy Plc
Jeff Malaihollo - Chairman
Alistair Muir - CEO +44 (0) 20 3934 6630
SP Angel Corporate Finance
LLP
(Nominated Adviser)
David Hignell
Charlie Bouverat
Abigail Wayne +44 (0) 20 3470 0470
Brandon Hill Capital Ltd
(Broker)
Oliver Stansfield, Jonathan
Evans +44 20 7936 5200
IFC Advisory Limited
(Financial PR and IR)
Tim Metcalfe
Florence Chandler +44 (0) 20 3934 6630
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFEDESMESSEFF
(END) Dow Jones Newswires
November 27, 2020 02:00 ET (07:00 GMT)
Edenville Energy (LSE:EDL)
Historical Stock Chart
From May 2024 to Jun 2024
Edenville Energy (LSE:EDL)
Historical Stock Chart
From Jun 2023 to Jun 2024