Tlou Energy seeks more capital for Lesedi power project
Tlou Energy Limited seeks more capital for development of Lesedi Power Project. The company announced that it has raised A$2 million (P 16.9 million) after placing 57,142,857 new ordinary shares in the Australian Securities Exchange recently.
In a statement released on Botswana Stock Exchange, Tlou Energy Chief Executive Officer, Anthony Gilby, highlighted that the funds have been raised from a new strategic investor, through an entity controlled by a high net worth investor based in Sydney, Australia, Dr Ian Campbell.
“Tlou is in the process of negotiating with Dr Campbell for an additional tranche of development capital (the details of which are not yet finalised) in order to fast track the Company’s initial target of 10MW of power generation.”
Funds are proposed to be used for development of Tlou’s Lesedi Power Project including construction of substations to connect to the existing electricity grid in Botswana.
Dr Campbell will have the right to nominate one director to the board of the Company if his holding exceeds 9.99percent of the total share capital of the Company. The placement of the New Shares will result in Dr Campbell holding 8.69percent of the Company.
Gilby said they have been working to secure the next series of funding partners for the Company for some time and they are delighted to have reached agreement with the first of these being Dr Ian Campbell who has invested at a premium to the prevailing share price.
“This is a significant endorsement of Tlou’s Lesedi Power Project in Botswana. Dr Campbell has indicated to the Company that he will work with us to secure an additional funding package that is designed to fast-track the goal of achieving 10MW of power generation as early as possible.” Tlou Energy is listed on the ASX (Australia), AIM (UK) and the BSE (Botswana).