Eden Innovations Ltd | Telephone +61 8 9282 5889
ACN 109 200 900
AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT
Level 15, 197 St George’s Terrace, Perth, Western Australia 6000, Australia | edeninnovations.com
21 February 2018
EDEN PLACEMENT RAISING A$6.2 MILLION
Eden Innovations Ltd ("Eden" or "the Company") (ASX: EDE) is pleased to announce that the Company has agreed to make a placement to institutional and sophisticated investors, of approximately 56,500,000 ordinary shares at an issue price of 11 cents per share, to raise approximately A$6.2 million (before the costs of the issue).
The 56.5 million shares are anticipated to be issued on 28 February 2018, under the Directors’ 15% placement capacity. The lead broker for the placement was Bell Potter Securities. Placement funds will be used for general working capital and sales & marketing.
Eden currently has approximately A$1.55 million cash plus sales receivables of US$58,000. Eden expects to progressively receive further funds from its 155 million 3 cent EDEO options that are currently on issue and which expire on 30 September 2018, potentially raising up to an additional A$4.67 million.
Eden is also anticipating a significant growth in sales and sales revenue in calendar year 2018. These increased sales are anticipated to come not only from the highway repair projects (including federally funded projects) currently being undertaken for the Georgia Department of Transportation (GDOT) and the pre-stressed bridge beam construction projects being undertaken for use by the Texas Department of Transportation (TxDOT), but also from possible future sales to a number of other commercial and government groups that are currently trialling EdenCrete® products for different applications in various parts of the US.
