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In September 2023, a Placement of shares and new options raised A$1.1 million through the issue of 366,666,665 ordinary shares at an
issue price of 0.3 cents ($0.003) per share, together with 183,333,333 EDEOD options, being one (1) free attaching option for every two
(2) shares placed, with each EDEOD option exercisable at $0.009 and expires on 11 September 2026. An additional 60,000,000 EDEOD
Options were issued to the Broker of the Placement.
In June 2024, the Company commenced a Pro-Rata Non-Renounceable Rights Issue(“Rights Issue”) to shareholders at an issue price of
0.2 cents ($0.002) per share with one free attaching EDEOD option per two shares issued. The Rights Issue closed on the 2nd August 2024
with $789,002 being raised through the issue of 394,500,718 Ordinary shares and 197,250,419 EDEOD options being issued. The Directors
reserve the right to place the balance of the remaining 1,444,634,840 shortfall shares with free attaching options up to the 2nd of
November 2024 at a price which is not less than the price at which the Shares were offered under the Rights Issue.
The only reason this company has any money is from this Capital raise and the loans from Nobel
NOBLE ENERGY LOAN
In July 2023, Eden’s largest shareholder, Tasman Resources Ltd (via its 100% owned subsidiary Noble Energy Pty Ltd (“Noble”)), entered
into a loan of $2,300,000 (“Noble Loan”) to Eden, to enable Eden US to (amongst other things) reduce the principal sum, and pay the
renewal fee and interest reserve replenishment associated with the iBorrow renewal (see following item). The Noble Loan, which is
unsecured and repayable on demand attracts interest at 9.97% per annum. During the remainder of the year, Noble continued to provide
additional working capital advances to Eden under the terms of the loan agreement.
Following approval from shareholders at Eden’s Annual General Meeting on the 30th of November 2023, Eden converted $880,000 of
the loan balance as partial satisfaction of the Noble Loan to Ordinary Shares in Eden. The conversion was completed consistent with the
September 2023 placement, being at $0.003 per share with 1 for 2 free attaching EDEOD Options. Further agreement to convert $320,000
of the loan on the same terms and conditions as the initial tranche is anticipated to be voted by shareholders at its Annual General
Meeting, anticipated to be November 2024.
The balance of the Noble Loan at the end of the year was $4,065,958 including accrued interest.
It does look like they are insolvent
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