Petroleum Africa
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Wednesday, December 13, 2017
Tlou Energy has been granted formal approval to list on the Botswana Stock Exchange (BSE). Toward its listing the company has issued 21,153,845 ordinary fully paid shares to investment funds managed by African Alliance Botswana Ltd.
The proceeds of the share subscription together with existing cash will be applied by Tlou to complete the current seismic and core hole appraisal program, commence first phase development drilling at the Lesedi project, fund the costs of the BSE listing and share subscription, and for working capital purposes.
The new Ordinary Shares rank paripassu with the company’s existing issued Ordinary Shares. Application has been made for the admission of the new Shares to trading on AIM, with admission expected to occur at 8.00 a.m. on December 14 (London time).
Admission to trading on the ASX is expected to occur at 10.00 a.m. December 13 (Sydney time).
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