Tlou Energy announces A$3mn placement
Australia’s Tlou Energy on December 15 said it had received firm commitments to raise A$3mn ($2.05mn) via a share placement.
The funds are proposed to be used for the drilling of gas production wells and associated costs in relation to the development of Tlou’s Lesedi power project in Botswana.
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The funds will be raised through IC Australia, an entity controlled by Ian Campbell who invested A$2mn and a further A$3mn last month, which has agreed to subscribe for 71mn new shares at the cost of A$2.5mn.
Recently, Tlou said it had almost completed line surveying to build a 66-kV cable connecting its Botswana coalbed methane (CBM) assets to the proposed Lesedi gas-fired power project.
Line surveying is 96% complete along the route of the 66kV cable, the company said in September, which is anticipated to supply up to 25 MW of power to the forthcoming Lesedi power plant, from Tlou’s two Botswanan CBM wells. Tlou awarded a construction tender for the cable build on March 15 to local engineering firm Zismo Engineering.