Tlou Energy Ltd (AIM:TLOU, ASX:TOU, BSE:TLOU) has received firm commitments to raise £1.7mln (A$3.1mln) through a share issue, with substantial shareholder Ian Campbell putting in most of the money.
Campbell’s IC Australia (No2) vehicle will invest A$2.7mln with directors contributing a big chunk of the remainder.
IC Australia (No2) will own around 25.8% of Tlou’s issued share capital following the placing, which was priced at 2p (A3.5c) per share.
Campbell, a high-net-worth investor based in Sydney, invested A$2mln and A$3mln in separate share issues in November and has the right to nominate one director to the board, an option that has not yet been taken up, said Tlou.
The money raised this time will be used for new wells and associated development at the Lesedi power project in Botswana, Tlou's statement added.