Ncondezi Energy PLC (LON:NCCL) booked US$769,000 in joint venture investment expenditure during the financial year to December 2019, and spent US$58,000 on power development.
The spending shows a shift in pattern, as exploration at the power project in Mozambique has ceased, and accounted for zero expenditure during the financial year.
Ncondezi closed out 2019 with US$722,000 in the bank.
On 23 October 2019, the company entered into a US$750,000 working capital facility for the continued development of the Ncondezi project, and has currently drawn US$250,000 of it.
The working capital facility is available for drawdown until 30 June 2020 at the company's election and is repayable within 24 months from first drawdown
During 2019, a total of US$1,344,000 of loan principal, rolled up previous redemption premiums plus interest, was converted into equity at a price of 10p per share.
On 31 March 2020, the company submitted a firm tariff proposal to the Mozambican government and the local utility.
In May 2020, the company raised a total of £650,000 before expenses.