Last checked at 12 Apr 2019 07:00
12 April 2019
Tlou Energy Limited
("Tlou" or "the Company")
Allotment of Placement shares
On 8 April 2019, the Company announced it raised approximately AUD$1.2 million (approximately £0.65 million) before costs, via a placement to sophisticated investors ("Placement").
The Placement is utilising the Company's capacity under ASX Listing Rule 7.1A. The Placement shares are being issued at AUD$0.10. which amount is approximately a 2 % discount to the 15-day VWAP as calculated under ASX Listing Rule 7.1A.3, of $0.102 per shares, calculated as at close of market Friday 5 April 2019, as the trading price-volume data available on the ASX market for the Company's securities.
Due to the issue of the shares using the Company's placement capacity under ASX Listing Rule 7.1A, the Company provides the following information in accordance with ASX Listing Rule 3.10.5A.
A) 12,000,000 ordinary shares will be issued under the Company's ASX Listing Rule 7.1A capacity. Existing shareholders have been diluted by 2.85 % following the Listing Rule 7.1A component of the Placement.
There are no other shares being issued at this time either under Listing Rule 7.1 A or Listing Rule 7.1 in addition to the 12,000,000 ordinary shares being issued under Listing Rule 7.1A.
A breakdown of the dilution calculation is provided below:
Shares on issue prior to the announcement of Additional Placement. | 409,113,535 |
Add: Shares issued under ASX Listing Rule 7.1A | 12,000,000 |
Add: Shares issued under ASX Listing Rule 7.1 | Nil |
Total Shares including the ASX Listing Rule 7.1A shares to be issued. | 421,113,535 |
Dilution to existing shareholders due to issue of shares issued under ASX Listing Rule 7.1A capacity. | 2.85 % |
Dilution to existing shareholders due to issue of shares under Listing Rules 7.1 and 7.1A. | 2.85 % |
B) The Company conducted the Placement rather than a pro-rata issue or other type of issue in which existing security holders would have been eligible to participate, as it was considered to be the quickest, most efficient and most certain method of raising funds in the current market.
C) The Placement was not underwritten.
D) The Company will not pay a fee to any Manager or Broker. The Company will however incur miscellaneous expenses including listing fees and legal fees in connection with the Placement.
The Placement shares will be admitted to trading on AIM on 12 April 2019. Following admission of the Placement shares, the total number of the Company's ordinary shares on issue will be 421,113,535. The Company has no shares in treasury. This figure of 421,113,535 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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For further information regarding this announcement please contact:
Tlou Energy Limited | +61 7 3012 9793 |
Tony Gilby, Managing Director | |
Solomon Rowland, General Manager | |
Grant Thornton (Nominated Adviser) | +44 (0)20 7383 5100 |
Samantha Harrison, Colin Aaronson, Harrison Clarke, Seamus Fricker | |
Shore Capital (Broker) | +44 (0) 207 408 4090 |
Jerry Keen, Toby Gibbs, Mark Percy | |
FlowComms Limited (Investor Relations) | +44 (0) 7891 677 441 |
Sasha Sethi |
Company Information
Tlou Energy is focused on delivering Gas-to-Power solutions in Botswana and southern Africa to alleviate some of the chronic power shortage in the region. Tlou is developing projects using coal bed methane (CBM) natural gas. Botswana has a significant energy shortage and generally relies on imported power and diesel generation to fulfil its power requirements. As 100% owner of the most advanced gas project in the country, the Lesedi CBM Project, Tlou Energy provides investors with access to a compelling opportunity using domestic gas to produce power and displace expensive diesel and imported power.
The Company is listed on the Australian Securities Exchange, London's AIM market and the Botswana Stock Exchange and is led by an experienced Board, management and advisory team including individuals with successful track records in the CBM industry.
Since establishment, the Company has significantly de-risked the project in consideration of its goal to become a significant gas-to-power producer. The Company flared its first gas in 2014 and has a 100% interest over its Mining Licence and ten Prospecting Licences covering an area of ~9,300 Km2 in total. The Lesedi and Mamba Projects already benefit from significant independently certified 2P gas Reserves of ~41 BCF. In addition, 3P gas Reserves of ~427 BCF and Contingent Gas Resources of ~3,043 BCF provide significant additional potential.
The Company is planning an initial scalable gas-to-power project. Following successful implementation of this first scalable project, the Company looks forward to evaluating longer-term prospects for the delivery of electricity generated from CBM in Botswana to neighbouring countries.