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Wednesday, April 17, 2019
Tlou Energy successfully completed a targeted, private placement to sophisticated investors in Botswana raising approximately AUD$2.9 million before costs. The Placement comprises the issue of 29,066,650 new ordinary shares (representing 6.46% of the enlarged share capital) at an issue price of around AUD$0.10 per share.
28,000,000 of the Placement shares will be issued to an existing shareholder, The Botswana Public Officers Pension Fund, FNB Nominees (Pty) Ltd, Gaborone, Botswana (BPOPF). Following this placement BPOPF will hold 47,230,769 shares of the enlarged share capital of the company, representing a 10.49% holding of Tlou Energy.
The proceeds of the Placement, along with existing cash provides further working capital for ongoing activities including exploration and downstream development work, continued gas flow testing at the recently completed production wells and efforts to secure a power purchase agreement
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