{"id":10051,"date":"2021-03-18T10:16:19","date_gmt":"2021-03-18T10:16:19","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=10051"},"modified":"2021-03-18T10:16:19","modified_gmt":"2021-03-18T10:16:19","slug":"botswana-tlou-energy-announces-proposed-placing-to-raise-2-6-million","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/botswana-tlou-energy-announces-proposed-placing-to-raise-2-6-million\/","title":{"rendered":"BOTSWANA: Tlou Energy Announces Proposed Placing to Raise \u00a32.6 million"},"content":{"rendered":"<p class=\"kz\"><span class=\"kp\">Tlou Energy has<\/span><span class=\"kn\"> announced its intention to undertake an equity placement of \u00a32.6 million.\u00a0 The Placing will be conducted through an accelerated bookbuild process<\/span><span class=\"kn\">\u00a0<\/span><span class=\"kn\">with a price of 3.5 pence.<\/span><span class=\"kl\">\u00a0<\/span><\/p>\n<p class=\"fq\"><span class=\"kl\">The Placing Shares are not being made available to the public. It is envisaged that the Bookbuild will be closed no later than <\/span><span class=\"kl\">16<\/span><span class=\"kl\">\u00a0<\/span><span class=\"kl\">March 2021<\/span><span class=\"kl\">. Details of the number of Placing Shares and the approximate gross proceeds of the Placing will be announced as soon as practicable after the closing of the Bookbuild. The Placing is not underwritten and Shore Capital is acting as sole bookrunner in connection with the Placing.<\/span><\/p>\n<p class=\"lc\"><strong><span class=\"kj\">Use of Funds<\/span><\/strong><span class=\"kj\">\u00a0<\/span><\/p>\n<p class=\"ld\"><span class=\"kj\">The net proceeds of the Placing, along with existing cash, will mainly be applied by Tlou towards:<\/span><span class=\"kj\">\u00a0<\/span><\/p>\n<p class=\"le\"><span class=\"kg\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"kf\">Construction of a 66kV transmission line from the Company&#8217;s Lesedi project to the existing electricity grid at Serowe,\u00a0Botswana; and<\/span><\/p>\n<p class=\"le\"><span class=\"kg\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"kf\">Field operating costs and ancillary equipment<\/span><span class=\"kj\">\u00a0<\/span><\/p>\n<p class=\"ld\"><span class=\"kj\">The Company plans to commence work as soon as possible on the transmission line following award of tenders for the construction of overhead transmission lines and sub-stations. The Environmental and Social Impact Assessment for the line has been completed as well as route alignment and associated surveys.<\/span><span class=\"kj\">\u00a0<\/span><\/p>\n<p class=\"ld\"><span class=\"kj\">Funds will also be used to cover working capital requirements including general and administrative costs across the Company&#8217;s three stock exchange listings on ASX, AIM and BSE. The timing and execution of activities proposed to make use of the funds raised may be impacted by Covid-19 pandemic restrictions.<\/span><span class=\"kj\">\u00a0<\/span><\/p>\n<p class=\"ld\"><span class=\"kj\">The above is a statement of the Board&#8217;s current intentions as at the date of this announcement. However, Shareholders should note that, as with any budget, the allocation of funds set out above may change depending on a number of factors, including the outcome of operational and development activities, regulatory developments, market and general economic conditions and environmental factors. In light of this, the Board reserves the right to alter the way the funds are applied.<\/span><\/p>\n<p class=\"lf\"><strong><span class=\"kd\">Project Finance<\/span><span class=\"kd\">\u00a0<\/span><\/strong><\/p>\n<p class=\"ld\"><span class=\"kj\">Tlou Energy\u00a0has been working with a number of parties to secure funding for the Lesedi project. The most advanced project finance discussions are currently with a very reputable\u00a0Botswana\u00a0based entity, who are proceeding to get a third-party review of the project as part of their due diligence process. Once this report is assessed an investment decision can be made by this entity.<\/span><\/p>\n<p class=\"ld\"><span class=\"kj\">\u00a0<\/span><span class=\"kd\">The Lesedi project is proposed to be developed in two phases. Phase one involves transmission line construction, sub-stations, grid connection, electricity generators and potentially the drilling of additional gas wells. The ~100 Km transmission line will run from the Lesedi project to the town of Serowe where it can access the existing power grid. Initial generation is proposed to be up to 2MW of electricity. Funding required for phase one is ~USD\u00a0$10m\u00a0which can be staged if necessary or prudent to do so.<\/span><\/p>\n<p class=\"lg\"><span class=\"kd\">\u00a0<\/span><span class=\"kd\">Phase two funding is for the expansion of electricity generation up to 10MW. This is planned to include \u00a0drilling of gas wells and the purchase of additional generation assets. Funding required for phase two is ~USD\u00a0$20m. Upon successful completion of phase one and two, the Company plans to expand the project beyond 10MW.<\/span><\/p>\n<p class=\"lf\"><strong><span class=\"kd\">Details of the Placing<\/span><\/strong><span class=\"kd\">\u00a0<\/span><\/p>\n<p class=\"ld\"><span class=\"ku\">The Placing is being completed within the Company&#8217;s existing share issuance authorities. Shore Capital Stockbrokers Limited\u00a0 will be conducting an accelerated bookbuilding process in respect of the Placing. The book will open with immediate effect. Shore Capital has entered into an agreement with Tlou under which, subject to the conditions set out therein, Shore Capital will agree to use its respective reasonable endeavours to procure subscribers for the Placing Shares at the Placing Price. The Placing is subject to the terms and conditions set out in the Appendix to this announcement. Members of the public are not entitled to participate in the Placing.<\/span><span class=\"ku\">\u00a0<\/span><\/p>\n<p class=\"ld\"><span class=\"ku\">The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with Tlou&#8217;s existing issued common shares of no par value each . Details of the final number of Placing Shares and the Placing Price will be announced as soon as practicable after the closing of the Bookbuild.<\/span><span class=\"ku\">\u00a0<\/span><\/p>\n<p class=\"ld\">\n","protected":false},"excerpt":{"rendered":"<p>Tlou Energy has announced its intention to undertake an equity placement of \u00a32.6 million.\u00a0 The Placing will be conducted through an accelerated bookbuild process\u00a0with a price of 3.5 pence.\u00a0 The &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/botswana-tlou-energy-announces-proposed-placing-to-raise-2-6-million\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[342,891,9123,9124,6091],"class_list":["post-10051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-botswana","tag-financing","tag-lesedi","tag-serowe","tag-tlou-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1612%2C999&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2C7","jetpack-related-posts":[{"id":12991,"url":"https:\/\/www.oilnewskenya.com\/index.php\/botswana-tlou-energy-raises-1-695-placement-be-used-for-drilling-of-gas-production-wells\/","url_meta":{"origin":10051,"position":0},"title":"BOTSWANA: Tlou Energy Raises \u00a31.7M Placement be Used for Drilling of Gas Production Wells","author":"","date":"December 15, 2022","format":false,"excerpt":"Tlou Energy Limited has announced that it has received firm commitments to raise A$3,072,864.71 (~\u00a31.695 million, ~BWP 26.485 million) before expenses pursuant to a placing of 87,796,135 new ordinary shares of no par value at an issue price of A$0.035 per share. \u00a0The funds are proposed to be used for\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":12785,"url":"https:\/\/www.oilnewskenya.com\/index.php\/botswana-tlou-energy-raises-1-1-million-towards-lesedi-project\/","url_meta":{"origin":10051,"position":1},"title":"BOTSWANA: Tlou Energy Raises \u00a31.1 million Towards Lesedi Project","author":"","date":"November 4, 2022","format":false,"excerpt":"Tlou Energy Limited has announced that it has raised A$2 million (~\u00a31.1 million, ~BWP 16.9 million) pursuant to a placing of 57,142,857 new ordinary shares of no par value.\u00a0 The funds have been raised from a new strategic investor, via an entity controlled by Dr\u00a0Ian Campbell, a high net worth\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":12810,"url":"https:\/\/www.oilnewskenya.com\/index.php\/botswana-tlou-energy-raises-1-7-million-towards-the-lesedi-project\/","url_meta":{"origin":10051,"position":2},"title":"BOTSWANA: Tlou Energy Raises \u00a31.7 million towards the Lesedi Project","author":"","date":"November 14, 2022","format":false,"excerpt":"Tlou Energy Limited is pleased to announce that it has raised A$3 million (~\u00a31.7 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 (~\u00a30.02, ~BWP0.30) per share. \u00a0 The funds have again been raised via an\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9489,"url":"https:\/\/www.oilnewskenya.com\/index.php\/serinus-energy-placing-to-raise-approximately-20m-for-the-sabria-field-in-tunisia-retire-the-ebrd-convertible-debt\/","url_meta":{"origin":10051,"position":3},"title":"Serinus Energy Placing to Raise Approximately $20M for the Sabria Field in Tunisia, Retire the EBRD Convertible Debt","author":"","date":"November 28, 2020","format":false,"excerpt":"Serinus Energy has announced its intention to undertake an equity placement of approximately USD20 million. The Placing will be effected by way of an accelerated bookbuild, which will be launched immediately following the announcement. The proceeds of the Placing will be used as part of a proposal to retire the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13573,"url":"https:\/\/www.oilnewskenya.com\/index.php\/botswana-tlou-energy-commences-south-lesedi-6-production-well-drilling\/","url_meta":{"origin":10051,"position":4},"title":"BOTSWANA: Tlou Energy Commences South Lesedi 6 Production Well Drilling","author":"","date":"April 14, 2023","format":false,"excerpt":"Tlou Energy\u00a0has announced that\u00a0work has begun on the next phase of drilling\u00a0at the Company's\u00a0Lesedi Gas-to-Power project. The\u00a0Lesedi 6 gas production pod\u00a0spudded on\u00a010 April\u00a02023 and\u00a0is at\u00a0a\u00a0depth of\u00a0approx.\u00a059m.\u00a0The pod will comprise one vertical\u00a0production well intersected by two lateral\u00a0wells drilled horizontally through the target\u00a0reservoir section for several\u00a0hundred\u00a0metres. The objective of the pod is\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Botswana-Lesedi.png?fit=440%2C582&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11021,"url":"https:\/\/www.oilnewskenya.com\/index.php\/botswana-tlou-energy-signs-power-purchase-agreement\/","url_meta":{"origin":10051,"position":5},"title":"BOTSWANA: Tlou Energy Signs Power Purchase Agreement","author":"","date":"October 19, 2021","format":false,"excerpt":"Tlou Energy has signed a 10MW Power Purchase Agreement (PPA) with the Botswana Power Corporation (BPC). Under the terms of the PPA, BPC will purchase up to 10MW of power generated at Tlou's Lesedi power project. The PPA is for an initial five-year term with the 10MW project being the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Botswana-Tlou-Lesedi-power.jpg?fit=1200%2C744&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10051"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10051\/revisions"}],"predecessor-version":[{"id":10052,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10051\/revisions\/10052"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8960"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}