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Ncondezi Energy Ltd

  • BY: Andrew Hore |
  • POSTED: 02/12/2013 |

Coal miner Ncondezi Energy Ltd is raising £3m via a one-for-two open offer at 5p a share.

The share price fell 3.75p to 5.75p, which values the enlarged share capital at £10.9m. Ncondezi may raise a further £400,000.

The cash will be used to fund the development costs relating to a power purchase agreement with Electricidade de Mozambique. This will take up to 12 months. Ncondezi is also seeking a co-developer for the project and hopes to secure the financing for the project by the end of 2014. The power project could cost $15m.

The Ncondezi mine in northern Mozambique has a measured coal resource of 120m mineable tonnage in situ. The project includes a 300MW integrated power station. The power plant should be up and running by early 2018.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2013_50.pdf

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