12th May 2023 14:31
Tlou Energy Ltd - Brisbane, Australia-based power project developer with operations in Botswana - Announces partially underwritten entitlement offer from ILC Investments Pty Ltd of around 304.2 million ordinary shares at 0.02 pence per share to raise GBP5.7 million. Says funds raised will go towards development of its projects in Botswana. This includes the construction of a transmission line to connect its Lesedi project to an electricity grid and the drilling of gas production wells.
Last week, Tlou received a GBP1.1 million loan from ILC. The loan has a three-year term, beginning May 1. Interest will be charged at 10% per annum and payable each quarter. ILC is already Tlou's largest shareholder, having provided GBP4.0 million in capital via previous share placements.
Current stock price: 2.20 pence, down 4.4% in London on Friday afternoon
12-month change: up 29%
By Sabrina Penty; Alliance News reporter
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