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Eden Innovations (ASX:EDE) extends the closing date for its capital raise, citing COVID-19 disruptions

Environment, Technology
ASX:EDE      MCAP $4.109M
12 July 2020 10:00 (AEDT)

Source: edeninnovations.com

Clean technology company Eden Innovations (EDE) has extended the closing date of its share purchase plan (SPP), citing COVID-19 related setbacks.

Eden announced the SPP on June 19, with an aim to raise around $5 million in capital through the issue of more than 178 million new shares.

The new shares are priced at 2.8 cents each, and the plan was due to close today, July 10.

However, the company said in a release today, the directors had decided to extend the closing date by a further eight business days, to July 22.

Eden said the extension was ‘due to the impact of COVID-19’ and the closing date could be changed again.

In particular, the company blamed the re-introduction of lockdowns in Melbourne, which it said disrupted the Australian market.

It also blamed wider COVID-19 related restrictions across Australia for delaying application forms from being received by shareholders.

Following the extension to the closure date, other key dates relating to the SPP have also been changed.

Eden said new shares purchased by eligible shareholders as part of the SPP will now be issued on July 27, while the dispatch of holding statements will commence on July 31.

The funds raised from the SPP will be used to top-up the company’s working capital.

Shares in the company closed up a slight 3.7 per cent, at 2.8 cents each today, July 10.

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