Tlou completes oversubscribed equity placement.
Tlou Energy Limited confirms the successful completion of a AU$3m oversubscribed placement of new ordinary shares.
The placement comprises the issue of 31,578,947 new shares (representing 15.4% of existing shares on issue) at an issue price of A$0.095 or £0.055 per share to sophisticated and professional investors in Australia and the United Kingdom ("Placement").
The Placement shares will rank equally with Tlou's existing shares on issue.
The net proceeds of the Placement, along with existing cash, will be applied by Tlou to the on-going production testing at Selemo, achieving an initial independent reserves certification, completing environmental and mining licence approvals and working capital for its Lesedi CBM Project, the most advanced CBM project in Botswana.