TIDMTLOU
RNS Number : 3610D
Tlou Energy Ltd
26 April 2017
26 April 2017
Tlou Energy Limited
("Tlou" or "the Company")
Tlou completes Share Purchase Plan and an additional placement,
raising a further A$1.5 million (GBP0.9 million)
Key Points:
-- Tlou's Share Purchase Plan (SPP) closes with applications
totalling A$0.8 million (GBP0.5 million);
-- Tlou has received demand for an Additional Placement to raise
a further A$0.7 million (GBP0.4 million);
-- In total, Tlou has raised $6.7 million (GBP4.0 million) from
the Initial Placement announced on 24 March, the SPP and the
Additional Placement;
-- The total funds raised will be used to undertake additional
field appraisal to expand Tlou's independent gas Reserves and to
finalise licencing requirements prior to development of the Lesedi
CBM Project.
Share Purchase Plan
Tlou Energy Limited, the AIM and ASX listed company focused on
delivering power in Botswana and Southern Africa through the
development of coal bed methane ("CBM") projects, is pleased to
announce the completion of its Share Purchase Plan (the "SPP")
raising approximately A$0.8 million (approximately GBP0.5
million).
The Share Purchase Plan will result in the issue of 8,276,275
new ordinary shares at an issue price of A$0.10 per share (the "SPP
shares"). The SPP shares will rank equally with Tlou's existing
shares on issue. The SPP shares will be allotted to applicants on
27 April 2017. There has been no scale back of applications.
Additional Placement
Tlou previously announced a Placement of 51,788,334 new ordinary
shares on 24 March 2017 at an issue price of A$0.10 or GBP0.06 per
share, raising approximately A$5.2 million (approximately GBP3.1
million) (the "Initial Placement"). In conjunction with closing the
SPP, Tlou has received additional demand from UK investors and
accordingly the Company has resolved to undertake a further
placement of 6,780,000 new ordinary shares also at an issue price
of GBP0.06 per share (the "Additional Placement Shares"), to raise
approximately A$0.7 million (approximately GBP0.4 million) (the
"Additional Placement").
The Additional Placement Shares will be issued within Tlou's
existing placement capacity and as such, shareholder approval will
not be required.
Application will be made for admission of the SPP Shares and
Additional Placement Shares to trading on ASX and AIM, with
admission to trading on AIM expected to occur at 8.00 a.m. on 2 May
2017 (London time) and ASX quotation on 27 April 2017.
Work Program
The proceeds of the Initial Placement, SPP and Additional
Placement totals A$6.7 million (approximately GBP4.0 million) and
along with existing cash, will be applied by Tlou for the
following:
-- acquisition and interpretation of new 2D seismic data in
areas considered to be highly prospective for additional Reserves
by Tlou's reserve certifiers;
-- drilling a limited number of vertical (cored) wells along the
new seismic lines (with geophysical logging and coal core gas
sampling) to a depth of approximately 500 metres;
-- completing various studies (upstream and downstream) required
for the submission of the mining licence application and tender for
the Botswana Government's 100 MW CBM pilot project;
-- on-going production testing at Selemo, including installing
gas engines to run the pumps on the existing wells;
-- costs of the various capital raisings noted above; and
-- working capital for its Lesedi CBM Project and corporate costs.
The objective of the work program above is to expand the
Company's independently certified gas Reserves and complete the
licencing requirements for the Lesedi CBM Project, as well as
continuing to progress the RFP with our joint venture partner,
Independent Power Corporation PLC, for the proposed up to 100 MW
CBM to power project utilising the Company's gas reserves.
The Additional Placement was managed by Shore Capital
Stockbrokers Limited in the United Kingdom.
Following Admission of the SPP Shares and the Additional
Placement Shares, the total number of voting rights of the
Company's ordinary shares will be 304,042,848. This figure of
304,042,848 ordinary shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information regarding this announcement please
contact:
Tlou Energy Limited +61 7 3012 9793
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Tony Gilby, Managing Director
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Solomon Rowland, Company Secretary
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Grant Thornton (Nominated
Adviser) +44 (0)20 7383 5100
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Samantha Harrison, Colin Aaronson,
Harrison Clarke
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+44 (0) 207 408
Shore Capital (Joint Broker) 4090
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Jerry Keen, Mark Percy, Toby
Gibbs
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Optiva Securities Limited
(Joint Broker) +44 (0)20 3137 1904
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Jeremy King, Christian Dennis
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St Brides Partners Limited +44 (0) 20 7236
(Public Relations) 1177
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Elisabeth Cowell, Lottie Brocklehurst
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FlowComms Limited (Investor +44 (0) 7891 677
Relations) 441
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Sasha Sethi
--------------------------------------- ---------------------
Company Information
Tlou Energy is an AIM and ASX listed company focused on
delivering power in Botswana through the development of coal bed
methane ('CBM') projects. Botswana has a severe energy shortage and
is currently relying on expensive imported power and diesel
generation to deliver its requirements. However, as the 100% owners
of the most advanced gas project in the country, the Lesedi CBM
Project, Tlou Energy provides investors with access to a compelling
immediate and longer term opportunity using domestic gas to produce
power and displace the expensive diesel and import market.
The Company is led by an experienced Board, management and
advisory team including individuals with successful track records
in the Australian CBM industry.
Since establishment in 2009 the Company has significantly
de-risked the project in consideration of its goal to become a
significant gas to power producer. The Company has the most
advanced CBM project in Botswana and flared its first gas in 2014.
It holds 10 Prospecting Licences covering an area of 8,300Km2 and
the Lesedi Project already benefits from significant, independently
certified Contingent Gas Resources of 3.2 trillion cubic feet (3C)
and independently certified Gas Reserves.
The Company is planning an initial scalable gas-to-power project
in Botswana. Following successful implementation of this first
scalable project, the Company plans to expand to provide further
power to Botswana and the southern African region.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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