LONDON (Alliance News) - Tlou Energy Ltd has completed a placing totalling GBP1.6 million, it said Tuesday, including with a new investor in Botswana.
Tlou placed the shares at approximately 5.5 pence each. In Australian dollar terms, the placing was at 10 cents, a 4% premium to its closing price Monday.
Tlou's London shares were 11% higher on Tuesday shortly after midday at 6.36p.
Managing Director Tony Gilby said: "We welcome the confidence shown in the company by the fund managers who participated in this strategic placement. It has been one of the company's stated goals to increase the local ownership of the company as we believe this will have long term benefits for both the local and international shareholders."
"It is very pleasing to welcome to our registry a new local fund manager, along with further investment by our largest shareholder, and I would like to thank them for their support."
The money will go towards ongoing exploration and testing activity.
Tlou Energy (TLOU)