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Placement with Botswana Based Investors

Source: www.gulfoilandgas.com 4/16/2019, Location: Africa

Tlou Energy Limited is pleased to confirm that it has successfully completed an equity placement to Sophisticated Investors totalling BWP21.8 million (approximately AUD$2.9 million or £1.6 million).

Highlights
- Placement has been completed at BWP0.75 (~AUD$0.10 or ~£0.055) per share, approximately a 4% premium to the closing ASX share price on Monday, 15 April 2019 of AUD$0.096.

- Funds have been raised from both a long-term existing shareholder as well as a new Botswana based fund manager.

Tlou's Managing Director, Mr Tony Gilby commented, "We welcome the confidence shown in the Company by the fund managers who participated in this strategic placement. 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."

Placement
The Company has successfully completed a targeted, private placement to sophisticated investors in Botswana raising BWP21.8 million (approximately AUD$2.9 million or £1.6 million) before costs ("Placement").

The Placement comprises the issue of 29,066,650 new ordinary shares (representing 6.46% of the enlarged share capital) at an issue price of BWP0.75 (approximately AUD$0.10 or £0.055) per share.

28,000,000 of the Placement shares will be issued to an existing shareholder, The Botswana Public Officers Pension Fund, FNB Nominees (Pty) Ltd, Gaborone, Botswana (BPOPF). Following this placement BPOPF will hold 47,230,769 shares of the enlarged share capital of the Company, representing a 10.49% holding of Tlou Energy Limited.

The proceeds of the Placement, along with existing cash provides further working capital for ongoing activities including exploration and downstream development work, continued gas flow testing at the recently completed production wells and efforts to secure a power purchase agreement.

The Placement price represents approximately a 4% premium to the closing ASX share price on Monday, 15 April 2019 of $0.096 and approximately a 2% premium to the 15-day volume weighted average price, for Tlou's shares traded on the ASX of AUD$0.979. The Placement shares will be issued within the Company's Listing Rule 7.1 and 7.1A placement capacity, recently refreshed by shareholders at the 2018 Annual General Meeting and, as such, shareholder approval for the issue of the Placement shares will not be required.

Application will be made for the quotation of the Placement Shares to trading on the ASX, AIM and the BSE, with admission to trading on the ASX expected to occur at 9.00am on 23 April 2019 (AEST), admission to AIM at 8.00am on 24 April 2019 and admission to BSE on 25 April 2019.

Total voting rights
Following admission of the Placement shares, the total number of the Company's ordinary shares on issue will be 450,180,185. The Company has no shares in treasury. This figure of 450,180,185 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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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