Eden Innovations: Raises $4.2M in capital, bookmarks $7.2M backstop facility

Eden Innovations: Raises $4.2M in capital, bookmarks $7.2M backstop facility

• Eden Innovations (EDE) has announced its recent capital raise, done via a share placement plan (SPP)
• The company has also completed negotiations for a $7.2 million backstop financing facility to give Eden more working capital
• Eden believes it has enough funds to remain in business until the first quarter of 2021
• However, coupled with a $3 million drawdown on the backstop, it would have enough working capital to continue until the fourth quarter of 2021
• Eden will also apply for U.S. Government funding via its U.S. company to further bolster its balance sheet
• Shares in Eden Innovations are trading down 3.57 per cent for 2.7 cents per share