Ncondezi Energy says shareholder loan repayment date extended

Shares in Ncondezi Energy surged more than 12% after announcing its shareholder loan repayment date has been extended to 2 September 2017.

"This provides the company with more time to progress the project and better develop loan repayment options in addition to raising additional working capital by the end of May," it said on Thursday.

On Wednesday, Ncondezi said that, subject to the extension of the repayment, it had enough funding until end-May 2017, following which it would have need to raise additional fund.

"A total of $2,192,546 has been drawn down under the Shareholder Loan and the repayment amount is now US$4,385,092," said Ncondezi on Wednesday.

At 13:04 BST, shares in AIM-listed Ncondezi Energy were up 12.5% to 2.25p each.