Eden Energy to raise A$400,000 through share placement

Eden Energy (ASX: EDE) will raise A$400,000 via a placement of up to 6,250,000 shares at $0.064 per share to fund the company’s ongoing working capital requirements.

The placement will be made to professional and sophisticated investors and represents an increase of 2.59% over the previously issued shares.

Eden recently announced plans to tap investor demand in Australia for shale gas "plays" with a spin off of its UK shale and CBM interests into a new listed company - Adamo Energy in a proposed A$10 million new float.

The proposed new float will involve a capital raising of at least A$10 million with Eden Energy shareholders to be offered a priority entitlement via a prospectus.

Eden's vast UK shale gas and coal bed methane portfolios are potentially company making as the Welsh shale gas resource, in which Eden holds a 50% interest, is of world class dimensions.

Independently reported Shale Gas Unrisked Prospective Mean Resources GIIP for part of the licence area stand at 49.8 trillion cubic feet of gas (TCF).

Also, with the recent production of the first carbon nanotubes at the Nano-carbon/Hydrogen Pyrolysis Project in Denver, Eden Energy has achieved a significant milestone in its quest to become a major global player in the development of hydrogen derived clean energy.

Eden is currently trading at $0.078 per share.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19712/eden-energy-to-raise-a400000-through-share-placement-19712.html