African Energy Resources is raising up to AU$ 4.5 million through a shares placement and non-renounceable entitlement to advance its portfolio of coal and power projects in Botswana.
The placement will comprise an issue of approximately 17.3 million new shares at a price of 8.5 cents per share to raise approximately AU$ 1.5 million before costs.
The company’s major shareholder, Sentient Executive GP IV, has agreed to purchase 14.9 million shares in the placement to take their ownership in the company to 19.9%.
The non-renounceable rights entitlement will be made available to residents of Australia, New Zealand and Cayman Islands.
Sese power project
In March 2014, AFR announced that it soon expects to finalise the Environmental and Social Impact Assessment and Phase 1 of the Definitive Feasibility Study for a 300 MW power station and captive 1.5 million tpa coal mine at its Sese Coal project in Botswana.
The company also reiterated that its consortium with ACWA Power International had been shortlisted to submit a bid for the 300 MW Greenfield Power Project.
Edited from various sources by Katie Woodward
Read the article online at: https://www.worldcoal.com/coal/14042014/afr_raises_funds_719/