Tlou Energy, the AIM and ASX listed company focused on delivering power in Botswana and southern Africa through the development of coal bed methane (‘CBM’), announces that formal approval has been granted for the Company to list on the Botswana Stock Exchange (‘BSE’) and 21,153,845 ordinary fully paid shares will be issued to investment funds managed by African Alliance Botswana Limited, a leading asset manager based in Botswana.
- Allotment of shares will be made on 12 December 2017;
- Trading on the BSE expected to commence on 13 December 2017;
- Funds raised from the issue of the new shares amounts to P33 million (approx. £2.4 million or A$4.1 million) at a subscription price of P1.56 (approx. £0.11 or A$0.20)
The proceeds of the share subscription together with existing cash will be applied by Tlou to complete the current seismic and core hole appraisal program, commence first phase development drilling at the Lesedi project, fund the costs of the BSE listing and share subscription and for working capital purposes. The new Ordinary Shares rank pari passu with the Company’s existing issued Ordinary Shares.
Application has been made for the admission of the new Shares to trading on AIM, with admission expected to occur at 8.00 a.m. on 14 December 2017 (London time). Admission to trading on the ASX is expected to occur at 10.00 a.m. on 13 December 2017 (Sydney time). A copy of the abridged BSE pre-listing statement can be viewed at www.tlouenergy.com from 13 December 2017.