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Sunday, April 30, 2017
Tlou Energy has raised a total of £4 million for its CBM project in Botswana. Funds will be used to undertake additional field appraisal to expand Tlou’s independent gas reserves and to finalize licensing requirements prior to development of the Lesedi CBM Project.
Tlou raised approximately A$0.8 in its share purchase plan (SPP), which resulted in the issue of 8,276,275 new ordinary shares at an issue price of A$0.10 per share. The SPP shares will rank equally with Tlou’s existing shares on issue. The SPP shares were allotted to applicants on April 27. There has been no scale back of applications.
In March, Tlou announced an additional placement of 51,788,334 new ordinary shares on at an issue price of A$0.10 or £0.06 per share, raising approximately A$5.2 million. In conjunction with closing the SPP, Tlou has received additional demand from UK investors and accordingly it has resolved to undertake a further placement of 6,780,000 new ordinary shares also at an issue price of £0.06 per share.
The additional placement shares will be issued within Tlou’s existing placement capacity and as such, shareholder approval will not be required.
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