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Ncondezi Energy oversubscribed £750,000 placing is part of 'wider strategy'

Ncondezi Energy Ltd's (LON:NCCL) Hanno Pengily and Scott Flecther join Proactive London to discuss the raising of £750,000 from an oversubscribed and premium-priced share placing.

Pengilly explains that they had to 'scale people back' to the reaction, with the group issuing some 16.6mln new shares priced at 4.5p each, a premium price compared to the share’s 30-day weighted average price and the last equity raise in May 2020.

He says they are focusing on 'valued assets, mainly the tariff agreement with Electricidade de Mocambique (EDM). As well as formulising CMEC as our 60% equity partner'.

Quick facts: Ncondezi Energy Ltd

Price: 5.9 GBX

AIM:NCCL
Market: AIM
Market Cap: £21.62 m
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Ncondezi Energy agree US$21mln in reimbursements for development costs with CMEC

Ncondezi Energy Limited's (LON:NCCL) Hanno Pengilly talks to Proactive about the historical development cost reimbursement negotiations with China Machinery Engineering Corporation (CMEC). These costs are for the work on the integrated Ncondezi 300MW coal-fired power project and coal mine in...

1 week, 4 days ago

2 min read