logo-loader

Ncondezi Energy launches £3.4mln open offer

Last updated: 06:46 22 Dec 2014 GMT, First published: 07:46 22 Dec 2014 GMT

joint_venture_agreement350_53c416899e5ba
Ma'aden, the state-owned Saudi company, will own 50 percent of the new joint venture, for a cash cost of $210 million. Barrick will hold the remaining interest.

Ncondezi Energy (LON:NCCL) has launched an open offer to raise up to £3.4mln for further development work on its coal and power project in Mozambique.

The company flagged last week the open offer was on its way when it raised £3.18mln via an investment by Africa Finance Corporation that gave the latter a 23.2% stake.

The price of the open offer of 5.78p is the same as that placing.

Existing shareholders are being offered shares on a one for four basis and Africa Finance Corporation has agreed not to take up its entitlement, which will offered to other shareholders.

Funds from the open offer and the placing will help Ncondezi complete its search for a strategic partner and satisfy the commercial conditions required by local power supplier Electricidade de Mozambique, it said.

Ncondezi agreed a provisional deal with EDM over electricity sales into the grid in September.

Solgenics' focus "fully on" Tete Solar Project

  Solgenics Ltd (AIM:SGN) CEO Hanno Pengilly speaks to Proactive's Thomas Warner about the latest news from the 300MW solar PV plus BESS renewable energy in the Tete Province in northern Mozambique. Pengilly says that although the company "continues to work on [its] legacy assets", its...

on 23/3/23