Eden Energy Limited
(ASX:EDE) has announced it has raised $10.35 million to fund expansion in Colorado and Georgia.
The placement has been made through two US investment funds and represents 45 million fully paid ordinary shares at an issue price of $0.23 cents a share.
As part of the deal, 22.5 million options have also been awarded, exercisable at $0.31 cents at any time before 19 May 2019.
Eden Energy will use $2 million to fund the completion of the EdenCrete™ production facility in Colorado, $3 million to fund working capital requirements, with the balance going towards initial costs related to the proposed new EdenCrete facility in Augusta, Georgia.
Eden Energy Limited reported a net loss of $1.43 million at 31 December 2015.
