Hi to you all,
this is the latest big news from Eden Energy regarding recent developments with their breakthrough Carbon Nanotube product "EdenCrete".
AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT
15 September 2016
EDEN PLACES $15M MOSTLY WITH 4 AUSTRALIAN INSTITUTIONS
HIGHLIGHTS
• Eden places $15million @ 18c via Bell Potter
• Over $13 million taken by 4 Australian institutions
• Proceeds deliver Eden the financial capability to accelerate
development of the large-scale Georgia US- based EdenCreteTM
production facility, significantly de-risking this milestone project.
DETAILS
Australian carbon nanotube technologist, Eden Energy Limited (“Eden” or “the Company”) (ASX:EDE) is pleased to announce that the Company has agreed to a two-tranche placement to Australian institutional and sophisticated investors, of 83,333,333 ordinary shares at an issue price
of 18 cents per share, to raise A$15 million (before the costs of the issue). It is intended the proceeds will be employed to accelerate the development in 2017 / 2018 of the planned large-scale EdenCreteTM production facility in the US State of Georgia and to also provide any additional working capital as required.
Over A$13 million of the total amount raised is being placed to four Australian institutional investors. The placement was arranged by Bell Potter Securities Limited.
50 million shares will be issued immediately as the first tranche of the placement, under the Directors’ 15% placement capacity to raise an initial A$9 million. The balance of 33,333,333 shares (to raise a further A$6 million) will be issued as a second tranche subject to approval by shareholders at a general meeting scheduled to be held on or around 28 October 2016.
EdenCreteTM, a carbon-nanotube enriched concrete additive developed by Eden, has undergone highly successful trials in the US and commercial sales have now commenced. As a result, EdenCrete has attracted strong support from the Georgia state and local governments in the form of a
combined US$24.7million financial incentive package to establish a plant in Augusta, Georgia.
Additionally, EdenCreteTM which has been approved for use by the Georgia Department of Transportation (“GDOT”) in its 24 hour concrete repair mix, is proposed to be used by GDOT for several forthcoming state funded highway repair projects to achieve high performance, cost effective outcomes.
The Directors of Eden resolved to undertake this capital raising at the present time because it significantly de-risks the US EdenCreteTM project in that:
• The placement will enable Eden to fast track the initial development of the proposed large scale EdenCreteTM production facility in Georgia in 2017/ 2018 to meet the anticipated demand, regardless of possible major fluctuations and upheavals in the global financial
markets; and
• It also ensures Eden has sufficient funds immediately available to continue expanding its newly formed team of highly successful and experienced sales people, a move anticipated to significantly increase the volume of EdenCreteTM sales over the next year.
Very best regards to you all!
MB
