TIDMEDL

RNS Number : 1276N

Edenville Energy PLC

28 September 2021

28 September 2021

EDENVILLE ENERGY PLC

("Edenville" or the "Company")

Interim Results for the six months to 30 June 2021

Edenville Energy plc (AIM: EDL), the company developing a coal project in southwest Tanzania, announces the Company's unaudited interim results for the six months ended 30 June 2021 (the "Period").

Highlights

 
      -   The Period has seen a significant positive change in prospects 
           for the Company. 
      -   On 15 January 2021, the Company announced that it had raised 
           GBP900,000 (before expenses) by way of a placing of 3,600,000 
           new ordinary shares at a placing price of 25p per ordinary 
           share with new and existing shareholders. 
      -   On 15 January 2021, the Company announced that it had reached 
           agreement with Lind Partners LLC ("Lind") regarding its outstanding 
           funding agreement and, on 22 June 2021, the Company announced 
           that it had repaid in cash the full outstanding amount owed 
           to Lind. 
      -   On 5 May 2021, the Company raised GBP2,475,000 (before expenses) 
           by way of a placing of 9,900,000 new ordinary shares at a 
           placing price of 25p per ordinary share. Investors also received 
           one warrant for every placing share. If these warrants are 
           exercised in full the Company will receive a further GBP2,475,000 
           for the development of the Company's business. 
      -   As part of the fund raising in May 2021, a new strategic 
           investor, Anthony (Tony) Buckingham, took an 18.5% stake 
           in the Company through an investment of GBP1 million, with 
           the majority of the balance of the funds raised coming from 
           the Company's substantial shareholders. Mr Buckingham is 
           well known in the natural resources market, particularly 
           in Africa, having been CEO and major shareholder of Heritage 
           Oil Limited from 2006 until its acquisition by a wholly-owned 
           subsidiary of Qatari investment fund, Al Mirqab Capital SPC, 
           in 2014 for a consideration of US$1.6 billion. His wealth 
           of experience and broad network of relationships is expected 
           to prove highly beneficial as Edenville looks to add additional 
           assets into the Company. 
      -   The period saw a significant increase in coal prices globally, 
           with this trend continuing post period also. This has led 
           to renewed interest in the supply of coal from the Company's 
           flagship Rukwa project. 
      -   With an improved cash position, the Company is targeting 
           additional asset acquisitions, leveraging the natural resources 
           and capital markets expertise of its Board and significant 
           shareholders. 
      -   Post period end Franco Caselli was appointed as a Non-executive 
           Director of the Company to assist with its future development. 
 

For further information please contact:

 
 Edenville Energy Plc 
  Jeff Malaihollo - Chairman 
  Alistair Muir - CEO                   +44 (0) 20 3934 6630 
 
   Strand Hanson Limited 
   (Financial and Nominated Adviser) 
   James Harris 
   Rory Murphy                            +44 (0) 02 7409 3494 
 Brandon Hill Capital Ltd 
  (Broker) 
  Oliver Stansfield 
  Jonathan Evans                        +44 (0) 20 7936 5200 
 IFC Advisory Limited 
  (Financial PR and IR) 
  Tim Metcalfe 
  Florence Chandler                     +44 (0) 20 3934 6630 
 

CEO's report

The reporting period has been characterised by a significant positive change in prospects for the Company, both with regard to its existing Rukwa coal project in Tanzania and more widely as with an improved cash position, the Company targets additional asset acquisitions, leveraging the natural resources and capital markets expertise of its Board and significant shareholders.

As the Company has previously reported, following the induction of the new President in Tanzania there has been considerable positive sentiment in the country, which appears to be translating into business confidence and action. In addition, the increase in the steaming coal price, which has more than doubled over the past 12 months, to its current level of in excess of US$155 per tonne (September 2021) price for South African Richards Bay FOB), is bringing Rukwa production into focus, particularly from potential customers in other East African states.

Rukwa Operations

- The early part of the reporting period was characterised by ongoing problems related to the Covid-19 pandemic.

- Post period end in August 2021 the Company received an order of up to a possible 3,500 tonnes per month of washed coal and it is expected that this will result in an average monthly delivery of at least 2,000 tonnes per month. It has an additional, ongoing order of 600 tonnes per month of washed coal to one of its anchor tenants.

- Whilst efforts have been focused on short term contract opportunities, there is strong interest in coal purchases coming from other parts of East Africa and the Congo and the Company is working to secure a number of significant long term contracts that have an immediate demand for coal supply. In addition, discussions are being held with the Tanzanian Government on power station supply options.

Funding

- On 15 January 2021, the Company announced that it had raised GBP900,000 (before expenses) by way of a placing of 3,600,000 new ordinary shares at a placing price of 25p per ordinary share with new and existing shareholders

- On 5 May 2021, the Company raised GBP2,475,000 (before expenses) by way of a placing of 9,900,000 new ordinary shares at a placing price of 25p per ordinary share. Investors also received one warrant for every placing share. If these warrants are exercised in full the Company will receive a further GBP2,475,000 for the development of the Company's business.

- As part of the fund raising in May 2021, a new strategic investor, Anthony (Tony) Buckingham, took an 18.5% stake in the Company through an investment of GBP1 million, with the majority of the balance of the funds raised coming from the Company's substantial shareholders. Mr Buckingham is well known in the natural resources market, particularly in Africa, having been CEO and major shareholder of Heritage Oil Limited from 2006 until its acquisition by a wholly-owned subsidiary of Qatari investment fund, Al Mirqab Capital SPC, in 2014 for a consideration of US$1.6 billion. His wealth of experience and broad network of relationships is expected to prove highly beneficial as Edenville looks to add additional assets into the Company.

Lind Partners

- On 15 January 2021, the Company announced that it had reached agreement with Lind Partners LLC ("Lind") regarding its outstanding funding agreement and o n 22 June 2021, the Company announced that it had repaid in cash the full outstanding amount owed to Lind.

To the Future

- With an improved cash position, the Company is targeting additional asset acquisitions, leveraging the natural resources and capital markets expertise of its Board, and significant shareholders.

Board Changes

- Post period end Franco Caselli was appointed as a Non-executive Director of the Company to assist with its future development.

- In June 2021 Alistair Muir returned to the position of CEO and Jeff Malaihollo soley to the position of Non-executive Chairman.

Financial Results

For the six month period ended 30 June 2021 the Company had revenue of GBP27,752 (H1 2020: GBP16,003).

The Group made a loss after taxation of GBP587,354 (H1 2020 loss of GBP638,198). The net assets at 30 June 2021

amounted to   GBP7,842,563 (30 June 2020 GBP6,549,050). 

The total comprehensive loss for the period was GBP513,497 (H1 2020 loss of GBP172,744) which included a gain of GBP73,857 arising from the translation of the Tanzanian subsidiary accounts from US Dollars to Sterling.

Alistair Muir

Chief Executive Officer

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                               Six months     Six months            Year 
                                                    ended          ended           ended 
                                                  30 June        30 June          31 Dec 
                                                       21             20              20 
                                                Unaudited      Unaudited         Audited 
                                                             As restated 
                                       Note           GBP            GBP             GBP 
 Revenue                                           27,752         16,003          33,852 
 Cost of sales                                  (280,320)      (250,856)       (583,876) 
 
 Gross loss                                     (252,568)      (234,853)       (550,024) 
 Administrative expenses                        (332,209)      (284,330)       (529,632) 
 Share based payments                                   -       (50,398)        (50,398) 
 
 Group operating loss                           (584,777)      (569,581)     (1,130,054) 
 Finance income                                        12             52             112 
 Finance costs                                    (2,589)       (68,669)       (111,503) 
 
 Loss on operations before taxation             (587,354)      (638,198)     (1,241,445) 
 
 Taxation                                               -              -               - 
 
 Loss for the period after taxation             (587,354)      (638,198)     (1,241,445) 
 Other comprehensive income/(loss): 
 Gain/(loss) on translation of 
  overseas subsidiary                              73,857        465,454       (203,935) 
 
 Total comprehensive loss for 
  the period                                    (513,497)      (172,744)     (1,445,380) 
 
 Attributable to: 
 Equity holders of the Company                  (512,683)      (171,948)     (1,443,488) 
 Non-controlling interest                           (814)          (797)         (1,892) 
 
                                                (513,497)      (172,744)     (1,445,380) 
 
 Loss per share 
 - basic and diluted (pence)            2          (4.43)         (9.43)         (16.66) 
 
 

The income for the period arises from the Group's continuing operations.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2021

 
                                                        As at          As at          As at 
                                                      30 June        30 June         31 Dec 
                                                           21             20             20 
                                                    Unaudited      Unaudited        Audited 
                                                                 As restated 
 
                                          Note            GBP            GBP            GBP 
 Non-current assets 
 Property, plant and equipment             4        5,466,165      6,429,954      5,644,577 
 Intangible assets                         5          307,080        343,496        311,032 
 
                                                    5,773,245      6,773,450      5,955,609 
 Current assets 
 Inventories                                          248,864        264,583        251,736 
 Trade and other receivables                          429,672        428,893        301,251 
 Cash and cash equivalents                          1,873,072        301,535         25,690 
 
                                                    2,551,608        995,011        578,677 
 Current liabilities 
 Trade and other payables                           (419,825)      (699,826)      (685,809) 
 Borrowings                                          (16,094)      (461,051)      (440,831) 
 
                                                    (435,919)    (1,160,877)    (1,126,640) 
 
 Current assets less current 
  liabilities                                       2,115,689      (165,866)      (547,963) 
 
 Total assets less current liabilities              7,888,934      6,607,584      5,407,646 
 
 Non - current liabilities 
 Borrowings                                          (23,517)       (35,534)       (39,873) 
 Environmental rehabilitation 
  liability                                          (22,854)       (23,000)       (21,912) 
 
                                                    7,842,563      6,549,050      5,345,861 
 
 Capital and reserves 
 Called-up share capital                   6        4,176,601      4,024,935      4,041,601 
 Share premium account                             22,373,442     19,357,514     19,390,849 
 Share based payment reserve                          341,522        355,277        301,174 
 Foreign currency translation 
  reserve                                             420,273      1,163,549        494,130 
 Retained earnings                               (19,453,531)   (18,336,955)   (18,866,991) 
 
 Issued capital and reserves 
  attributable to owners of the 
  parent company                                    7,858,307      6,564,320      5,360,763 
 Non-controlling interest                            (15,744)       (15,270)       (14,902) 
 
 Total equity                                       7,842,563      6,549,050      5,345,861 
 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
 
                                   ----------------------------------Equity 
                                   Interests-------------------------------- 
 
                                                                                  Foreign 
                                                                    Share        currency                         Non- 
                           Share        Share       Retained       option     translation                  Controlling 
                         capital      premium       Earnings      reserve         reserve         Total       interest         Total 
                             GBP          GBP            GBP          GBP             GBP           GBP            GBP           GBP 
 Balance at 1 
  January 
  2021                 4,041,601   19,390,849   (18,866,991)      301,174         494,130     5,360,763       (14,902)     5,345,861 
 Issue of share 
  capital                135,000    3,240,000              -            -               -     3,375,000              -     3,375,000 
 Share issue costs             -    (217,059)              -            -               -     (217,059)              -     (217,059) 
 Foreign currency 
  translation                  -            -              -            -        (73,857)      (73,857)           (28)      (73,885) 
 Share based 
  payment 
  charge                       -     (40,348)              -       40,348               -             -              -             - 
 Loss for the 
  period                       -            -      (586,540)            -               -     (586,540)          (814)     (587,354) 
 
 Balance at 30 June 
  2021                 4,176,601   22,373,442   (19,453,531)      341,522         420,273     7,858,307       (15,744)     7,842,563 
                               z 
 
 
 
                                                                                  Foreign 
                                                                    Share        currency                         Non- 
                           Share        Share      Retained        option     translation                  Controlling 
                         capital      premium      Earnings       reserve         reserve         Total       interest         Total 
                             GBP          GBP        GBP              GBP             GBP           GBP            GBP           GBP 
 Balance at 1 
  January 
  2020                 3,414,935   18,811,157   (17,736,330)      281,502         698,095     5,469,359       (13,517)     5,455,842 
 Issue of share 
  capital              610,000        615,000              -            -               -    1,225,000               -    1,225,000 
 Share issue costs             -     (68,643)              -        8,643                      (60,000)        -            (60,000) 
 Share based 
  payment 
  charge                       -            -              -      101,938               -       101,938        -             101,938 
 Lapse/cancelation 
  of share options             -            -         36,806     (36,806)               -             -         -                  - 
 Foreign currency 
  translation                  -            -              -            -         446,504       446,504      (986)           445,518 
 Loss for the 
  period                       -            -      (625,631)            -               -     (625,631)      (767)         (626,398) 
 
 Balance at 30 June 
  2020 (as 
  previously 
  stated)              4,024,935   19,357,514   (18,325,155)      355,277       1,144,599     6,557,170     (15,270)       6,541,900 
 Restatement                   -            -       (11,800)            -          18,950         7,150        -               7,150 
 
 Balance at 30 June 
  2020 (as 
  restated)            4,024,935   19,357,514   (18,336,955)      355,277       1,163,549     6,564,320     (15,270)       6,549,050 
                     ===========  ===========  =============  ===========  ==============  ============  =============  ============ 
 
 
 
 
 
                                                                                  Foreign 
                                                                    Share        currency                         Non- 
                           Share        Share       Retained       option     translation                  Controlling 
                         capital      premium       Earnings      reserve         reserve         Total       interest         Total 
                             GBP          GBP            GBP          GBP             GBP           GBP            GBP           GBP 
 
 Balance at 1 
  January 
  2020                 3,414,935   18,811,157   (17,718,347)      281,502         698,065     5,487,312       (13,517)     5,473,795 
 Issue of share 
  capital                626,666      648,334              -            -               -     1,275,000              -     1,275,000 
 Share issue costs             -     (68,642)              -            -               -      (68,642)              -      (68,642) 
 Share 
  options/warrants 
  charge                       -            -              -      110,581               -       110,581              -       110,581 
 Cancellation of 
  share 
  options                      -            -         90,909     (90,909)               -             -              -             - 
 Foreign currency 
  translation                  -            -              -            -       (203,935)     (203,935)              -     (203,935) 
 Loss for the year             -            -    (1,239,553)            -               -   (1,239,553)        (1,892)   (1,241,445) 
 Non-controlling 
  interest 
  share of goodwill            -            -              -            -               -             -            507           507 
 
 Balance at 31 
  December 
  2020                 4,041,601   19,390,849   (18,866,991)      301,174         494,130     5,360,763       (14,902)     5,345,861 
 
 

consolidated CASH FLOW STATEMENT

 
                                           Six months     Six months          Year 
                                                ended          ended         ended 
                                              30 June        30 June        31 Dec 
                                                   21             20            20 
                                            Unaudited      Unaudited       Audited 
                                                         As restated 
                                                  GBP            GBP           GBP 
 Cash flows from operating activities 
 Operating loss                             (584,777)      (569,581)   (1,130,054) 
 Depreciation                                 113,420         92,129       277,921 
 Interest paid                                      -           (57)         (351) 
 Share based payments                               -         50,398        50,398 
 Increase in inventories                            -       (17,045)       (4,198) 
 (Decrease)/increase in trade and 
  other receivables                         (169,082)       (41,534)        54,984 
 Increase in trade and other payables       (222,450)      (149,557)     (116,836) 
 Foreign exchange (loss)/gain                 (4,597)         51,080      (34,521) 
 
 Net cash used in operating activities      (867,486)      (584,167)     (902,657) 
 
 Cash flows from investing activities 
 Finance income                                    12             52           112 
 
 Net cash used in investing activities             12             52           112 
 
 Cash flows from financing activities 
 Borrowings                                         -        180,000       180,000 
 Repayment of convertible loan 
  notes                                     (432,226)      (122,809)     (160,421) 
 Repayment of lease liabilities               (8,267)       (11,650)      (17,404) 
 Lease interest                               (2,589)       (41,207)       (5,059) 
 Proceeds on issue of ordinary 
  shares                                    3,375,000        900,000       950,000 
 Share issue costs                          (217,059)       (60,000)      (60,000) 
 
 Net cash generated from financing 
  activities                                2,714,859        844,334       887,116 
 
 
 Net decrease in cash and cash 
  equivalents                               1,847,385        260,219      (15,429) 
 Cash and cash equivalents at beginning 
  of year                                      25,690         41,110        41,110 
 Exchange losses on cash and cash 
  equivalents                                     (3)            206             9 
 
 
 Cash and cash equivalents at end 
  of year                                   1,873,072        301,535        25,690 
 
 
 

NOTES TO THE INTERIM REPORT

   1.         Financial information and basis of preparation 

The interim financial statements of Edenville Energy Plc are unaudited consolidated financial statements for the six months ended 30 June 2021 which have been prepared in accordance with UK adopted international accounting standards. They include unaudited comparatives for the six months ended 30 June 2020 together with audited comparatives for the year ended 31 December 2020.

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2020 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors contained an Emphasis of mater paragraph on the recoverability of VAT in Tanzania and on the recoverability of inventory. Aside from the Emphasis of matter paragraphs above, the auditor's report did not contain any statement under section 498 of the Companies Act 2006.

The interim consolidated financial statements for the six months ended 30 June 2021 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2021. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2020. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.

   2.          Loss per share 

The calculation of the basic and diluted loss per share is based on the following data:

 
                               30 June 21     30 June 20    31 December 
                                                                     20 
                                      GBP            GBP            GBP 
                                             As restated    As restated 
 Loss after taxation            (587,354)      (638,198)      (1,241,445) 
 
 Weighted average number 
  of shares in the period      13,270,575      6,768,595        7,452,470 
 
 Basic and diluted loss 
  per share (pence)                (4.43)         (9.43)          (16.66) 
 

The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.

The earnings per share as at 30 June 2020 and 31 December 2020 have been restated to reflect the consolidation of shares that took place in January 2021.

   3.         Dividends 

No dividends are proposed for the six months ended 30 June 2021 (six months ended 30 June 2020: GBPnil, year ended 31 December 2020: GBPnil).

   4.    Property, plant and equipment 
 
                             Coal Production       Plant &      Fixtures   Motor vehicles 
                                      assets     machinery    & fittings                          Total 
                                         GBP           GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2021                             5,164,384     1,186,781         7,153          191,390     6,549,708 
 Foreign exchange 
  adjustment                        (58,917)      (16,770)           318          (1,993)      (77,362) 
 
 At 30 June 2021                   5,105,467     1,170,011         7,471          189,397     6,472,346 
 
 
 Accumulated depreciation 
 As at 1 January 
  2021                               106,209       678,472         6,958          113,494       905,133 
 Depletion/Charge 
  for the year                             -       103,800            44            9,576       113,420 
 Foreign exchange 
  adjustment                         (1,212)      (10,260)           162          (1,062)      (12,372) 
 
 At 30 June 2021                     104,997       772,012         7,164          122,008     1,006,181 
 
 Net book value 
 As at 30 June 2021                5,000,470       397,999           307           67,389     5,466,165 
 
 
 
                             Coal Production       Plant &      Fixtures   Motor vehicles 
                                      assets     machinery    & fittings                          Total 
                                         GBP           GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2020                             5,317,637     1,225,972         7,253          197,196     6,748,058 
 Additions                            19,640             -             -                -        19,640 
 Foreign exchange 
  adjustment                         366,154        83,902           213           12,428       462,697 
 
 At 30 June 2020                   5,703,431     1,309,874         7,466          209,624     7,230,395 
 
 
 Accumulated depreciation 
 As at 1 January 
  2020                                83,342       482,401         6,990           89,922       662,655 
 Depletion/Charge 
  for the year                             -        78,000            43           14,086        92,129 
 Foreign exchange 
  adjustment                           5,738        34,313           213            5,391        45,655 
 
 At 30 June 2020                      89,080       594,714         7,246          109,399       800,439 
 
 Net book value 
 As at 30 June 2020                5,614,351       715,160           220          100,225     6,429,956 
 
 
 
   4.         Property, plant and equipment (continued) 
 
                             Coal Production       Plant &      Fixtures   Motor vehicles 
                                      assets     machinery    & fittings                          Total 
                                         GBP           GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2020                             5,317,637     1,225,972         7,253          197,196     6,748,058 
 Additions                            17,788             -             -                -        17,788 
 Foreign exchange 
  adjustment                       (171,033)      (39,191)         (100)          (5,806)     (216,130) 
 
 At 31 December 2020               5,164,392     1,186,781         7,153          191,390     6,549,716 
 
 
 Accumulated depreciation 
 As at 1 January 
  2020                                83,342       482,401         6,990           89,925       662,658 
 Depletion/Charge 
  for the year                        25,547       224,719            65           27,590       277,921 
 Foreign exchange 
  adjustment                         (2,674)      (28,648)          (97)          (4,021)      (35,440) 
 
 At 31 December 2020                 106,215       678,472         6,958          113,494       905,139 
 
 Net book value 
 As at 31 December 
  2020                             5,058,177       508,309           195           77,896     5,644,577 
 
 
   5.    Intangible assets 
 
 
                                 Mining Licences          Total 
                                             GBP            GBP 
 Cost or valuation 
  As at 1 January 2021                 1,470,833      1,470,833 
 Foreign exchange 
  adjustment                            (17,185)       (17,185) 
 At 30 June 2021                       1,453,648      1,453,648 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2021                  1,159,801      1,159,801 
 Foreign exchange 
  adjustment                           ( 13,233)       (13,233) 
 At 30 June 2021                       1,146,568      1,146,568 
 
 Net book value 
 As at 30 June 2021                      307,080        307,080 
 
 
 
   5.    Intangible assets (continued) 
 
 
                                   Mining Licences         Total 
                                               GBP           GBP 
 Cost or valuation 
  As at 1 January 2020                   1,519,712     1,519,712 
 Foreign exchange adjustment               104,642       104,642 
 
 At 30 June 2020                         1,624,354     1,624,354 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2020                    1,198,344     1,198,344 
 Foreign exchange adjustment                82,514        82,514 
 
 At 30 June 2020                         1,280,858     1,280,858 
 
 Net book value 
 As at 30 June 2020                        343,496       343,496 
 
 
 
 
 
                                   Mining Licences         Total 
                                               GBP           GBP 
 Cost or valuation 
  As at 1 January 2020                   1,519,712     1,519,712 
 Foreign exchange adjustment              (48,879)      (48,879) 
 
 At 31 December 2020                     1,470,833     1,470,833 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2020                    1,198,344     1,198,344 
 Foreign exchange adjustment              (38,543)      (38,543) 
 
 At 31 December 2020                     1,159,801     1,159,801 
 
 Net book value 
 As at 31 December 2020                    311,032       311,032 
 
 
   6.    Share capital 
 
                                  No                No            GBP                No          GBP           GBP 
                            Ordinary          Ordinary       Ordinary          Deferred     Deferred   Total share 
                              shares         shares of         shares         shares of       shares       capital 
                               of 1p        0.02p each    of 0.02p/1p       0.001p each    of 0.001p 
                                each                             each                           each 
 Issued and 
  fully paid 
 At 1 January 
  2021                             -     8,145,575,094      1,629,116   241,248,512,346    2,412,485     4,041,601 
 
 On 5 January 
  the company 
  consolidated 
  and then subdivided 
  the brought 
  forward shares*          8,145,575   (8,145,575,094)    (1,547,659)   154,765,925,000    1,547,659             - 
 On 21 January 
  the company 
  issued 3,600,000 
  1p shares at 
  0.25p                    3,600,000                 -         36,000                 -            -        36,000 
 On 26 May the 
  company issued 
  9,900,000 1p 
  shares at 0.25p          9,900,000                 -         99,000                 -            -        99,000 
 
 As at 30 June 
  2021                   21,645,575                  -        216,457   396,014,437,346    3,960,144     4,176,601 
                        ============  ================  =============  ================  ===========  ============ 
 

*On 5 January 2021 the Company reduced the number of issued ordinary shares of GBP0.0002 each in the Company by a multiple of 1,000 (the "Consolidation"), Following the Consolidation the Company sub-divided each consolidated ordinary share of GBP0.20 each in the capital of the Company, into 1 ordinary share of GBP0.01 each in the capital of the Company and 19,000 new deferred shares of GBP0.00001 each in the capital of the Company.

 
                                               No         GBP                No          GBP         GBP 
                                  Ordinary shares    Ordinary          Deferred     Deferred       Total 
                                    of 0.02p each      shares         shares of       shares       share 
                                                     of 0.02p       0.001p each    of 0.001p     capital 
                                                         each                           each 
 Issued and fully 
  paid 
 At 1 January 2020                  5,012,241,761   1,002,450   241,248,512,346    2,412,485   3,414,935 
 On 9 January the 
  company issued 50,000,000 
  shares at 0.05p                      50,000,000      10,000                 -            -      10,000 
 On 21 January 2020 
  the company issued 
  1,750,000,000 shares 
  at 0.04p                          1,750,000,000     350,000                 -            -     350,000 
 On 8 June 2020 the 
  company issued 1,250,000,000 
  shares at 0.4p                    1,250,000,000     250,000                 -            -     250,000 
 
 As at 30 June 2020                 8,062,241,761   1,612,450   241,248,512,346    2,412,485   4,024,935 
                                 ================  ==========  ================  ===========  ========== 
 
 
 
   6.    Share capital (continued) 
 
                                               No         GBP                No          GBP         GBP 
                                  Ordinary shares    Ordinary          Deferred     Deferred       Total 
                                    of 0.02p each      shares         shares of       shares       share 
                                                     of 0.02p       0.001p each    of 0.001p     capital 
                                                         each                           each 
 Issued and fully 
  paid 
 At 1 January 2020                  5,012,241,761   1,002,450   241,248,512,346    2,412,485   3,414,935 
 On 9 January the 
  company issued 50,000,000 
  shares at 0.05p                      50,000,000      10,000                 -            -      10,000 
 On 21 January 2020 
  the company issued 
  1,750,000,000 shares 
  at 0.04p                          1,750,000,000     350,000                 -            -     350,000 
 
 On 8 June 2020 the 
  company issued 1,250,000,000 
  shares at 0.4p                    1,250,000,000     250,000                 -            -     250,000 
 
 On 14 August 2020 
  the company issued 
  83,333,333 shares 
  at 0.06p                             83,333,333      16,666                 -            -      16,666 
 
 As at 31 December 
  2020                              8,145,575,094   1,629,116   241,248,512,346    2,412,485   4,041,601 
                                 ================  ==========  ================  ===========  ========== 
 
 
 
   7.    Prior year adjustment 

Edenville Energy Plc have identified an error relating to mining licences capitalised under IFRS 16 in the prior year, which fall outside the scope of the standard. As a result of the error, the financial statements for the period ended 30 June 2020 had to be restated. Items previously incorrectly capitalised as Right of use assets and lease liabilities have all been reversed.

   8.    Distribution of interim report to shareholders 

The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.edenville-energy.com/ . Further copies are available on request.

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END

IR BLGDCDXDDGBR

(END) Dow Jones Newswires

September 28, 2021 01:59 ET (05:59 GMT)

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