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LONDON (Alliance News) - Tlou Energy Ltd on Monday said it has completed a share placement to investors, totalling AUD1.2 million, about GBP650,000.
The AIM-listed power project development company said the 12.0 million share placement has been completed at a price of AUD0.10 per share, representing a 5% premium to the closing share price on Friday of AUD0.095 in Australia.
Tlou Energy shares were trading 8.3% higher in London on Monday at 6.01 pence each, giving it a market capitalisation of GBP22.7 million.
Following the admission, the company will have 421.1 million shares overall.
Tlou Energy said the proceeds of the placement, along with existing cash, provide sufficient working capital for ongoing activities, including continued gas flow testing at the recently completed production wells and efforts to secure a power purchase agreement.
"We welcome the confidence shown in the company by the two existing shareholders who participated in this strategic placement," said Managing Director Tony Gilby.
"The additional capital removes perceived near-term financial pressure from the company, as upon any successful gas flows and tender result we will not need to immediately raise capital," added Gilby.