Eden Innovations (ASX:EDE) raises another $2.6m

• Eden Innovations (EDE) has raised another $2.6 million in capital via the placement of shortfall shares and a seperate placement to institutional investors
• EDE first raised $2.3 million through a rights issue back in September, where one new share was issued for every 12 held at an issue price of 2.2 cents
• Eden has now placed the remaining 68.5 million shares, and raised another $1.1 million through a placement to leave EDE with an extra $5 million in working capital
• The extra cash comes at a good time for Eden Innovations, as the business ended the September quarter with less than two quarters left of funding
• Company shares are up 4.76 per cent at 2.2 cents each

Eden Innovations (EDE) has raised another $2.6 million via the placement of shortfall shares as well as a seperate placement to institutional investors.

The company first raised $2.3 million through a rights issue back in September, where one new share was issued for every 12 held at an issue price of 2.2 cents.

The renounceable offer also saw one free attaching option issued for every two shares subscribed, with each option having a scratch price of 5 cents and a three-year expiry date on October 2024.

The right issue closed with roughly 68.5 million shares still needing to be placed, and EDE has announced today it managed to place the shortfall.

The shortfall placement has netted Eden Innovations an extra $1.5 million in cash.

EDE also revealed today it had raised another $1.1 million through a placement to sophisticated and institutional investors.

All of the shares issued under the placement and shortfall were priced the same as the original rights issue — at 2.2 cents each.

Eden Innovations said it would use the close to $5 million raised for general working capital purposes.

The extra cash comes at a good time for EDE, as the business ended the September quarter with less than two quarters left of funding.

Company shares were up 4.76 per cent at 2.2 cents each at 1:19 pm AEDT.