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Full year results show Ncondezi in fine financial fettle, as work on Mozambique project continues

A firm tariff proposal is now with the Mozambican government

Ncondezi Energy Ltd -

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.

Quick facts: Ncondezi Energy Ltd

Price: 4.85 GBX

AIM:NCCL
Market: AIM
Market Cap: £16.96 m
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