- Aussie investor Ian Campbell to nominate one director
- Money for use in furtherance of gas-to-power project
Tlou Energy Limited has raised A$2 million (P16.9 million) pursuant to a placing of 57,142,857 new ordinary shares of no par value at an issue price of A$0.035 (P0.30) per share, The Business Weekly & Review has established.
According to Tlou in a statement released recently, the funds have been raised from a new strategic investor via an entity controlled by Dr Ian Campbell, a high net worth investor based in Sydney, Australia. “Funds are proposed to be used for development of Tlou’s Lesedi Power Project including construction of sub-stations to connect to the existing electricity grid in Botswana,” the company says in the statement.
“Dr Campbell will have the right to nominate one director to the board of the company if his holding exceeds 9.99 percent of the total share capital of the company.” Tlou says the placement of the new shares will result in Dr Campbell holding 8.69 percent of the company. The power generation company 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.
“We have been working to secure the next series of funding partners for the company for some time and we are delighted to have reached agreement with the first of these being Dr Campbell who has invested at a premium to the prevailing share price,” says the CEO of Tlou, Anthony Gilby. “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 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 percent 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.
