Hopefully there will be news soon, if not then the heat will be raised until it becomes unbearable for them
Please see response I have received from Edenville yesterday:In response to your questions: The Board of Edenville decided to raise funds through the global financial institution to secure a significant amount of cash, under fixed and pre-agreed terms, for the progression of its Tanzanian coal project. The discount rate is in line with similar fundraisings for coal and energy companies in what is a very difficult market. The Darwin Equity Line Facility has been successfully used in the past to raise smaller amounts of cash for working capital. However, a drawdown of this size would have taken a significant amount of time with no guarantee of either placing price or final amount of money raised. The funds are being used to continue ongoing discussions with potential partners in the development of the coal to power project. We are currently unable to disclose the name of the financial institution that took part in the placing, as per the terms of our agreement with them. The Board of Directors are confident they will move Edenville's project forward, with financial security allowing the consideration of options in a calm and logical way, providing the optimal outcome for our shareholders in the long term. The company will only issue an RNS once it has material news to report. The board are in discussions with potential partners, as mentioned in the announcement dated 17 January 2014 and will hopefully have material news on this in due course. Many thanks Camilla Horsfall Financial PR
I have sent an email to the BoD today asking for an update and expressing my dissapointment that this has had to be asked for rather than being forthcoming earlier
I agree with Jogonson its about time that the BoD felt some heat
two weeks later after Tanzanian conference that was meant to say
I find it almost hard to comprehend that we have a situation here where the BoD authorise a raising of capital at far from favourable terms and two weeks later the shareholders of this company are still in the dark over why????????? Its about damn time that the BoD explain their actions and also understand very quickly that they have a legal responsibility to do so