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Tlou completes placement with Botswana based investors

Published by , Editor
World Coal,

Tlou Energy Limited is pleased to confirm that it has successfully completed an equity placement to sophisticated investors totalling BWP21.8 million (approximately AUS$2.9 million or £1.6 million).

Tlou's Managing Director Tony Gilby commented: "We welcome the confidence shown in the company by the fund managers who participated in this strategic placement. It has been one of the company's stated goals to increase the local ownership of the company as we believe this will have long term benefits for both the local and international shareholders. It is very pleasing to welcome to our registry a new local fund manager, along with further investment by our largest shareholder, and I would like to thank them for their support."


The company has successfully completed a targeted, private placement to sophisticated investors in Botswana raising BWP21.8 million (approximately AUS$2.9 million or £1.6 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 BWP0.75 (approximately AUS$0.10 or £0.055) per share.

28 million 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 Limited.

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.

The placement price represents approximately a 4% premium to the closing ASX share price on Monday 15 April 2019 of US$0.096 and approximately a 2% premium to the 15 day volume weighted average price, for Tlou's shares traded on the ASX of AUS$0.979. The placement shares will be issued within the company's Listing Rule 7.1 and 7.1A placement capacity, recently refreshed by shareholders at the 2018 Annual General Meeting and, as such, shareholder approval for the issue of the placement shares will not be required.

Application will be made for the quotation of the placement shares to trading on the ASX, AIM and the BSE, with admission to trading on the ASX expected to occur at 9.00am on 23 April 2019 (AEST), admission to AIM at 8.00am on 24 April 2019 and admission to BSE on 25 April 2019.

Total voting rights

Following admission of the placement shares, the total number of the company's ordinary shares on issue will be 450 180 185. The company has no shares in treasury. This figure of 450 180 185 ordinary shares may be used by shareholders in the company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the company under the FCA's Disclosure Guidance and Transparency Rules.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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