Tlou Energy Limited to announce that it has raised A$678,976.62 (~£355,000, ~BWP5.85 million) pursuant to a placing of 19,399,332 new ordinary shares of no par value at an issue price of A$0.035 (~£0.0183, ~BWP0.30) per share.
The funds have been raised from Australian and UK based sophisticated investors and will go towards development of Tlou’s Lesedi project in Botswana.
The issue price represents approximately a 25% premium to the closing ASX share price on 5 October 2023 of A$0.028 and a 21.4% premium to the 15-day volume weighted average price for Tlou’s shares traded on the ASX of A$0.02882.
The 19,399,332 New Shares being issued under the Placement will be issued under the Company’s capacity under ASX Listing Rule 7.1. The settlement of the Placement will be completed on this Monday.
Application will be made for the allotment and quotation of the New Shares to trading on ASX, AIM, and BSE with the quotation of the shares expected to take place on, or around 12 October 2023 . The New Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the Company’s existing issued ordinary shares from issue.
Tlou is developing energy solutions in Sub-Saharan Africa through gas-fired power and ancillary projects. The Company is listed on the ASX (Australia), AIM (UK) and the BSE (Botswana).
The Lesedi Gas-to-Power Project is 100% owned and is the Company’s most advanced project. Tlou’s competitive advantages include the ability to drill cost effectively for gas, operational experience and Lesedi’s strategic location in relation to energy customers. All major government approvals have been achieved.