Tlou Energy has raised A$2 million (~£1.1 million, ~BWP 16.9 million) following a placing of 57,142,857 new ordinary shares of no par value at an issue price of A$0.035 (~£0.02, ~BWP0.30) per share.  

The funds have been raised from a new strategic investor, via an entity controlled by Dr Ian Campbell, a high net worth investor based in Sydney, Australia.

Funds are proposed to be used for development of Tlou's Lesedi Power Project including construction of substations to connect to the existing electricity grid in Botswana.

Dr Campbell will have the right to nominate one director to the board of the Company if his holding exceeds 9.99% of the total share capital of the Company. The placement of the New Shares will result in Dr Campbell holding 8.69% of the Company.

Tlou is in the process of negotiating with Dr Campbell for an additional tranche of development capital (the details of which are not yet finalised) in order to fast track the Company's initial target of 10MW of power generation.

Anthony Gilby, Chief Executive Officer of Tlou, commented:
"We have been working to secure the next series of funding partners for the Company for some time and we are delighted to have reached agreement with the first of these being Dr Ian Campbell who has invested at a premium to the prevailing share price. This is a significant endorsement of Tlou's Lesedi Power Project in Botswana.

Dr Campbell has indicated to the Company that he will work with us to secure an additional funding package that is designed to fast-track the goal of achieving 10MW of power generation as early as possible."

KeyFacts Energy: Tlou Energy Botswana country profile