Tlou Energy Ltd, a company focused on delivering power in Botswana and Southern Africa through the development of coalbed methane (CBM) projects, has entered into conditional subscription agreements with investment funds managed by African Alliance Botswana Ltd, a leading asset manager based in Botswana.
African Alliance managed funds will subscribe for approximately 21.2 million new ordinary shares in Tlou at a subscription price of P1.56 (approximately £0.11 or AUS$0.20) per share, raising P33.0 million (approximately £2.4 million or AUS$4.1 million).
Subscription is conditional on Tlou listing on the Botswana Stock Exchange (BSE), which is expected to occur around mid-December 2017.
Tlou's Managing Director Tony Gilby commented: "Securing African Alliance managed funds as strategic long term and committed local shareholders in Botswana and listing on the BSE is a significant milestone for the Company. Having local shareholders on our register confirms the support for the project from within the Botswana investment community and becoming a Botswana listed entity opens further development funding options to the Company. Tlou is focussed on building a new industry within Botswana, which will create new employment to support local communities."
Read the article online at: https://www.worldcoal.com/cbm/20112017/tlou-energy-secures-african-alliance-managed-funds/