Tlou Energy Limited is pleased to announce that it has raised A$3 million (~£1.7 million, ~BWP 25 million) pursuant to a placing of 85,714,286 new ordinary shares of no par value at an issue price of A$0.035 (~£0.02, ~BWP0.30) per share.
The funds have again been raised via an entity controlled by Dr Ian Campbell, a high net worth investor based in Sydney, who invested A$2 million as announced by the Company on 4 November 2022. The funds are proposed to be used for development of Tlou’s Lesedi Power Project in Botswana.
The placement of the New Shares will result in Dr Campbell’s entity holding 19.23% of the Company. Accordingly and as announced on 4 November 2022, Dr Campbell has the right to nominate one director to the board of the Company subject to any regulatory requirements. To date no such nomination has been made.
Dr Campbell has indicated to the Company that he intends to remain a long term strategic investor and has expressed a willingness to potentially provide further financial support to the Company over and above his recent contributions.
Further funding could fast track project development including the anticipated high impact drilling campaign scheduled for 2023. The drilling campaign aims to produce further gas for electricity generation under the Power Purchase Agreement with Botswana Power Corporation.
Anthony Gilby, Chief Executive Officer of Tlou, commented:
“We welcome Dr Campbell’s additional capital that will further assist the Company to meet our objectives. Having him as a new and enthusiastic shareholder is very good for Tlou. This is a further and significant endorsement of Tlou’s Lesedi Power Project in Botswana.
I am also delighted that Dr Campbell has indicated to the Company that he will work with us to secure additional funding aimed at fast-tracking development of the 10MW power project as early as possible.”