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Ncondezi Energy, the African power development company, has announced a cash at bank summary of $0.9 million as at 31 December 2020.
Scott Fletcher, the Company's largest shareholder, was also appointed as a non-executive director of the company.
Two successful fund raises were completed to finance general working capital, the first in May 2020 raising £650,000 at 3.0p, the second in November 2020 raising £750,000 at 4.5p.
There is also a $500,000 bridge loan between the company's wholly owned renewables subsidiary, Ncondezi Green Power Holding Ltd and certain company directors to finance the construction of C&I Maiden Project.