Eden to raise $8m

Eden Innovations is set to raise $8 million via a share purchase plan to strengthen its working capital.

Under the offer, Eden will issue the shares at 5 cents per share, a slight premium to its current trading price of 4.9 cents each.

Eden is led by executive chairman Gregory Solomon.

Last month, the clean technology developer announced it dispatched the first order for its EdenCrete products from a distributor and announced the same products received government approval in the US.

The products received approval to be used by all US government departments, after it completed a 12-month trial.

The news sent its shares up 40.5 per cent to close trade on July 11 at 5.9 cents each.

EdenCrete is Eden’s proprietary carbon-strengthened concrete additive that enhances concrete by increasing strength, abrasion resistance and permeability.

Shares in Eden were flat at 4.9 cents each at noon AEST.