REG - Tlou Energy Ltd - A$3 million placement

TLOU EnergyAnnouncement

11/11/2022 07:16

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RNS Number : 0680G  Tlou Energy Ltd  11 November 2022

 

11 November 2022

 

Tlou Energy Limited

("Tlou" or "the Company")

 

A$3 million placement

 

 

Tlou Energy Limited is pleased to announce that it has raised A$3 million
(~£1.7 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 (~£0.02,
~BWP0.30) per share ("New Shares").

 

The funds have again been raised via an entity controlled by Dr Ian Campbell,
a high net worth investor based in Sydney, who invested A$2 million as
announced by the Company on 4 November 2022. The funds are proposed to be used
for development of Tlou's Lesedi Power Project in Botswana.

 

The placement of the New Shares will result in Dr Campbell's entity holding
19.23% of the Company. Accordingly and as announced on 4 November 2022, Dr
Campbell has the right to nominate one director to the board of the Company
subject to any regulatory requirements. To date no such nomination has been
made.

 

Dr Campbell has indicated to the Company that he intends to remain a long term
strategic investor and has expressed a willingness to potentially provide
further financial support to the Company over and above his recent
contributions.

 

Further funding could fast track project development including the anticipated
high impact drilling campaign scheduled for 2023. The drilling campaign aims
to produce further gas for electricity generation under the Power Purchase
Agreement with Botswana Power Corporation.

 

 

Anthony Gilby, Chief Executive Officer of Tlou, commented:

"We welcome Dr Campbell's additional capital that will further assist the
Company to meet our objectives. Having him as a new and enthusiastic
shareholder is very good for Tlou. This is a further and significant
endorsement of Tlou's Lesedi Power Project in Botswana.

 

I am also delighted that Dr Campbell has indicated to the Company that he will
work with us to secure additional funding aimed at fast-tracking development
of the 10MW power project as early as possible."

 

The issue price represents approximately a 6.1% premium to the closing ASX
share price on 10 November 2022 of A$0.033 and a 14.1% premium to the 15-day
volume weighted average price for Tlou's shares traded on the ASX of A$0.0307.

 

The 85,714,286 New Shares being issued under the Placement will be issued
under the Company's capacity under ASX Listing Rule 7.1. The settlement of the
Placement will be completed on Friday 11 November 2022.  Application will be
made for the allotment and quotation of the New Shares to trading on ASX, AIM,
and BSE with the quotation of the shares expected to take place on, or around
16 November 2022 ("Admission"). The New Shares will, when issued, be credited
as fully paid and will rank pari passu in all respects ‎with the Company's
existing issued ordinary shares from issue.

 

Total voting rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules ("DTRs"), following the issue of the New Shares, the
Company's enlarged share capital will comprise 743,062,432 ordinary shares of
no par value ("Ordinary Shares"). All of the Ordinary Shares have equal voting
rights and there are no shares held in Treasury. This figure of 743,062,432
may be used by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in, the Company under the DTRs.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

By Authority of the Board of Directors

Mr. Anthony Gilby

Managing Director

 

****

 

For further information regarding this announcement please contact:

 

 Tlou Energy Limited                              +61 7 3040 9084
 Tony Gilby, Managing Director
 Solomon Rowland, General Manager

 Grant Thornton (Nominated Adviser)               +44 (0)20 7383 5100
 Harrison Clarke, Colin Aaronson, Ciara Donnelly

 Arden Partners (UK Broker)                       +44 (0) 20 7614 5900
 Simon Johnson

 Public Relations
 Ashley Seller                                    +61 418 556 875

 

 

About Tlou

Tlou is developing energy solutions in Sub-Saharan Africa through gas-fired
power and planned ancillary projects. The Company is listed on the ASX
(Australia), AIM (UK) and the BSE (Botswana). The Lesedi Gas-to-Power Project
("Lesedi") is 100% owned and is the Company's most advanced project.  Tlou's
competitive advantages include the ability to drill cost effectively for gas,
operational experience and Lesedi's strategic location in relation to energy
customers. All major government approvals have been achieved.

 

Forward-Looking Statements

This announcement may contain certain forward-looking statements.  Actual
results may differ materially from those projected or implied in any
forward-looking statements.  Such forward-looking information involves risks
and uncertainties that could significantly affect expected results.  No
representation is made that any of those statements or forecasts will come to
pass or that any forecast results will be achieved.  You are cautioned not to
place any reliance on such statements or forecasts.  Those forward-looking
and other statements speak only as at the date of this announcement. Save as
required by any applicable law or regulation, Tlou Energy Limited undertakes
no obligation to update any forward-looking statements.

 

 

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