09/02/2018 - 15:06

Eden postpones $6m raising

09/02/2018 - 15:06

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Perth-based Eden Innovations has postponed a planned $6 million capital raising in response to this week's stock market weakness.

Eden postpones $6m raising
Eden has developed a carbon-strengthened concrete additive that enhances the durability and flexibility of concrete.

Perth-based Eden Innovations has postponed a planned $6 million capital raising in response to this week's stock market weakness.

The company said in a statement to the ASX today that it had received commitments above its minimum subscription, but would defer the capital raising until markets stabilised.

Eden is seeking to raise a minimum of $6 million at a price of 12 cents each, representing a 20 per cent discount on the company’s closing share price on January 31.

The company said it currently has about $1.5 million cash in bank along with sales receivables of $US100,000.

“Eden anticipates progressively receiving further funds from its 155 million, 3 cent EDEO options on issue that expire on September 30 2018, raising up to $4.67 million,” Eden said

“Further, Eden’s largest shareholder, Tasman Resources has committed to exercising before the due date a significant portion of its 81 million EDEO options.”

“Eden is also anticipating a significant growth in sales revenue in the both the short and medium terms from not only the highway repair projects … but also from anticipated future sales to commercial and government customers that are currently trialling EdenCrete products in various parts of the US for use for a range of applications.”

Shares in Eden were suspended on February 5.

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