Edenville Energy PLC - Notice of General Meeting
("Edenville" or the "Company")
Notice of General Meeting
The General Meeting will be held at the offices of
Capitalised terms used, but not otherwise defined in this announcement, bear the meanings ascribed to them in the Circular.
I am writing to you with details of our General Meeting which will be held at the offices of
The Company announced on
The Company is now calling a General Meeting in order to seek authorities to grant the Warrants, as well as further Ordinary Shares in the future, if required and additional relevant securities in connection with the Funding Agreement with Lind (although it is the intention of the Company to pay back Lind in cash). If the Resolutions are passed, the Warrants are expected to be granted immediately after the General Meeting.
Background to and reasons for the General Meeting
During 2019, Edenville funded and undertook several operational initiatives at its Rukwa coal project in
A sustained marketing initiative took place in Q4 2019, following the appointment of
With the proceeds of the Placing and the additional support of
Current Coal Contacts
As announced on
In addition, the Company has received enquiries from a potential customer in the
Rwandan Power Station Tender
The Company's subsidiary
Additional Share Authorities
The Placing Shares were issued out of the existing authorities previously granted to the Directors at the Company's General Meeting which was held on
The Company may require further capital to execute its longer-term strategy, which includes securing additional coal supply contracts and significantly increasing production. The Board will therefore continue to explore additional funding options, including strategic partnerships and further issues of Ordinary Shares, subject to the Directors being satisfied with the issue price of these shares at the time.
Therefore, in order to ensure the Board has maximum flexibility with regards to future funding opportunities, a General Meeting has been convened to approve the Resolutions.
The Directors do not currently have the authority under section 551 of the Act to grant the Warrants. The Warrants will not be issued therefore until the Resolutions are passed at the General Meeting.
A notice convening the General Meeting to be held at the offices of
(A) Resolution 1, which will be proposed as an ordinary resolution, is to authorise the Directors to allot up to 875,000,000 Ordinary Shares (being an aggregate nominal value of
(B) Resolution 2, which will be proposed as an ordinary resolution, is to provide the Directors with a general authority to allot up to: 2,750,000,000 Ordinary Shares (being an aggregate nominal value of
(C) Resolution 3, which will be proposed as an ordinary resolution, is to authorise the Directors to allot up to: 2,000,000,000 Ordinary Shares (being an aggregate nominal value of
(D) Resolution 4, which will be proposed as a special resolution and which is subject to the passing of Resolution 1, is to disapply statutory pre-emption rights;
(E) Resolution 5, which will be proposed as a special resolution and which is subject to the passing of Resolution 2, is to disapply statutory pre-emption rights; and
(F) Resolution 6, which will be proposed as a special resolution and which is subject to the passing of Resolution 3, is to disapply statutory pre-emption rights.
The Directors believe it is in the best interests of the Company's Shareholders to approve the Resolutions at the General Meeting.
The Directors therefore unanimously recommend that Shareholders vote in favour of the Resolutions to be proposed at the General Meeting as they intend to do in respect of their own beneficial holdings amounting, in aggregate, to 304,791,761 Existing Ordinary Shares, representing approximately 4.47 per cent. of the Existing Ordinary Shares.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
+44 (0) 20 3934 6630
(Nominated Adviser and Joint Broker)
+44 (0) 20 3470 0470
+44 20 7936 5200
(Financial PR and IR)
+44 (0) 20 3934 6630
This information is provided by RNS, the news service of the
Quick facts: Edenville Energy PLC
Market Cap: £2.21 m
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