Lift Global Ventures - Investee Company Update
28/03/2024 07:00
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RNS Number : 5912I Lift Global Ventures PLC 28 March 2024
28 March 2024
Lift Global Ventures Plc
("Lift" or the "Company")
Update on Investee Company
Strategic Investment into Trans-Africa Energy Limited
Lift Global Ventures Plc (AQSE:LFT), an investment company focused on
financial media, technology and the energy sector, is pleased to announce that
one of its investment portfolio companies, Trans-Africa Energy Limited
("TAE"), has secured conditional equity funding of up to £12,000,000
("Funding") from an experienced African investor in the energy sector
("Investor").
The Investor has a signed a binding Subscription Agreement with TAE, pursuant
to which the Investor has agreed to undertake a series of cash subscriptions
for shares in the capital of TAE through to 25 October 2024, subject to the
satisfaction of certain conditions to be met by TAE, including the issue and
allotment of shares in TAE.
TAE is focused on the development, financing, construction, and operation of
energy infrastructure projects located primarily in Sub-Saharan Africa, the
first of which is in Ghana.
The first project is the funding and construction of the Takoradi to Tema gas
pipeline. The Funding will be used, inter alia, by TAE to complete the
outstanding FEED (Front End Engineering Design) deliverables, arrange the
tender for the EPIC (Engineering, Procurement, Installation and Commissioning)
package and complete other deliverables for the final investment decision
("FID") which will involve TAE seeking project finance.
The Funding is expected to enable TAE to make the FID within in the next 6
months.
Zak Mir, CEO of Lift commented: "We are delighted to be informed of this
Funding into TAE. There is no doubt that energy infrastructure is the next
key step for African oil and gas producing countries by investing in
infrastructure; the proposed projects that TAE are developing in aim to
alleviate energy poverty, ensure energy security and strengthen regional
energy access.
We look forward to keeping shareholders updated on this exciting development."
Background
In January 2023, the Company subscribed for £750,000 of unsecured convertible
loan notes in TAE, a UK private company focused on the development, financing,
construction and operation of energy infrastructure projects located primarily
in Sub-Saharan Africa, the first of which is in Ghana.
The first project is the Takoradi to Tema pipeline and TAE reports that,
despite weather interruptions, the field work required for the Aerial and
LiDAR survey was successfully completed along the main pipeline route as well
as sectional alternate routes as specified by the pipeline engineer.
The full set of topographical and aerial photography data was captured and
processed with the information ready for the engineer's interpretation.
Following the data review, and in conjunction with the geotechnical reports,
the engineer will now finalise the pipeline route and complete the outstanding
FEED (Front End Engineering Design) deliverables and then tender for the EPIC
(Engineering, Procurement, Installation and Commissioning) package.
In addition, the full cadastral survey for land ownership identification can
also then be undertaken, after which initial individual landowner engagements
can take place.
The thesis for the pursuit of energy infrastructure projects in Africa is on
many fronts including the fact that Africa is soon to be home to
approximately one fifth of the world's population.
According to the International Energy Agency: "Boosting access to secure and
sustainable energy in Africa remains essential. More than 600 million people
on the continent currently live without access to electricity. To achieve
Africa's development goals, as well as energy access and climate objectives,
energy spending on the continent needs to more than double by 2030.
The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014.
The Directors of the Company accept responsibility for the contents of this
announcement.
Enquiries:
Lift Global Ventures Plc
Zak Mir, CEO +44 (0)203 745 1865
Optiva Securities Ltd (AQSE Corporate Adviser and Broker)
Christian Dennis +44 (0)203 411 1881
Daniel Ingram
For more information please visit: www.liftgv.com (http://www.liftgv.com/)
END
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