- Eden Innovations (EDE) has signed an agreement with Long State Investment for access to $7.2 million in funding
- The equity placement facility agreement will give Eden access to the additional funds over a two year period
- In return, Long State will be issued EDE shares each time the company draws down on the facility as well as a 4 per cent commission fee
- The news of the facility comes as Eden releases a positive review of its EdenCrete concrete additive which was tested in Colorado
- Shares in EDE have ended the day up a strong 15.8 per cent at
Eden Innovations' (EDE) share price has recorded a slight spike, after it signed an agreement with Long State Investment for access to $7.2 million in funding.
The equity placement facility agreement between Eden and Long State will give the company access to the additional working capital.
It'll be able to draw up to $300,000, with the possibility of increasing up to $500,000 with Long State's approval, over a two year period.
In return for the cash, EDE shares will be issued to the investment business each time Eden draws down on the facility.
Additionally, the company will also be required to pay Long State a 4 per cent commission fee, as well as one-off $25,000 fee when the facility is first set-up and a $35,000 fee when more than $2 million is drawn upon.
The news of equity placement facility agreement comes as Eden releases a review of its EdenCrete concrete additive which was tested in Denver, Colorado.
The Denver Department of Transport and Infrastructure carried out a three year long trial of the concrete additive, finding it aided the road's integrity.
"During the inspection, I noted that the EdenCrete concrete had performed exceptionally well over the last three years," the department said in a statement.
"This was particularly remarkable given the very high volume of vehicle use and
associated surface abrasion coupled with the heavy and often repeated magnesium chloride applications," it concluded.
Shares in Eden Innovations jumped up almost 15 per cent following the release of the funding agreement and Eden Crete review.
The stock ended the day up 14.8 per cent, trading at 3.1 cents each.