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Tlou Energy (ASX:TOU) - CEO & Managing Director, Anthony Gilby
CEO & Managing Director, Anthony Gilby
Source: Resource Global Network
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  • Tlou Energy (TOU) has successfully raised £2.62 million (around A$4.72 million) by ways of a placement
  • The funds were raised through the issue of 75 million new ordinary shares priced at £0.035 (around A$0.063)
  • Tlou will use the funds to develop its Lesedi Project in Botswana with focus on constructing transmission lines from the project to the electricity grid in Serowe
  • The transmission lines will turn Tlou into a power producer which is expected to reduce future funding risk for the company
  • Tlou has ended the day 1.25 per cent in the green with shares trading at 8.1 cents

Tlou Energy (TOU) has successfully raised £2.62 million (around A$4.72 million) by ways of a placement.

The funds were raised through the issue of 75 million new ordinary shares priced at £0.035 (around A$0.063).

This price represents a 21 per cent discount to Tlou’s closing price on March 16 of 8 cents and a 17 per cent discount to the 15-day volume-weighted average price of 7.6 cents.

Tlou will use the funds to develop its Lesedi Project in Botswana with focus on constructing transmission lines from the project to the electricity grid in Serowe.

The transmission lines will turn Tlou into a power producer which is expected to reduce future funding risk for the company.

While the transmission line is constructed, Tlou will continue discussions with other financiers for further development of Lesedi.

“It is fantastic to have secured these funds at this time. This allows Tlou to commence transmission line construction as soon as possible without the need to wait until the target development funding negotiations and associated due diligence is complete,” CEO Anthony Gilby said.

“Today’s news is a crucial step closer to generation and sale of first electricity from the Lesedi Project and we are delighted that the project can now move forward,” he added.

Tlou has ended the day 1.25 per cent in the green with shares trading at 8.1 cents in a $42.01 million market cap.

TOU by the numbers
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