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Tlou Energy advances as it raises £1.6mln from Botswana investors

Tlou has seen a number of recent project milestones and it has now further strengthened its financial position

oil and gas operations
The new shares are priced at the equivalent of 5p or 10 Australian cents

Tlou Energy Ltd (LON:TLOU) has raised the equivalent of £1.6mln (A$2.9mln) through a share sale in Botswana.

Sophisticated investors in Botswana have subscribed for 29mln new Tlou shares at the equivalent price of 5.5p (10 Australian cents) – specifically, the investment comes from a long-term existing shareholder as well as a new Botswana-based fund manager.

It comes as Tlou continues to advance its coal bed methane project in Botswana and follows a A$1.2mln funding earlier this month.

WATCH: Tlou advancing discussions with Botswana investors to expand field operations

"We welcome the confidence shown in the company by the fund managers who participated in this strategic placement,” said Tony Gilby, Tlou managing director.

“It has been one of the company's stated goals to increase the local ownership of the company as we believe this will have long term benefits for both the local and international shareholders. 

“It is very pleasing to welcome to our registry a new local fund manager, along with further investment by our largest shareholder, and I would like to thank them for their support."

In afternoon trading, shares in Tlou Energy were 8.7% higher at 6.25p.

 -- Adds share price --

Quick facts: Tlou Energy Limited

Price: 4.95 GBX

AIM:TLOU
Market: AIM
Market Cap: £22.28 m
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