AFR seeks funds to advance coal projects

Africa Energy (AFR) is raising up to $4.5 million (P40 million) through a rights issue to advance its Sese, Mmamabula and Mmamanstwe coal projects. Through a note to shareholders, the Botswana Stock Exchange (BSE) listed company has advised that funds from the placement and a non-renounceable entitlement will be used to advance its portfolio of coal and power projects in the Central District, which include a 300MW project.

Through the placement, AFR’s major shareholder, Sentient Executive will acquire 14.9 million shares to take their ownership to a 19.9 percent stake. The capital raising will comprise a $1.5 million placement and a $3 million non-renounceable entitlement, priced at $0.085 per share. The Sentient group manages over $2.7 billion in the development of metal, mineral and energy assets across the globe.

The AFR directors are also showing their support, with entities associated with them agreeing to purchase 2.4 million shares in the placement.
Eligible shareholders will be given the opportunity to participate in the capital raising on the same terms as the placement via a non-renounceable rights issue, and will be able to participate in a shortfall facility and apply for new shares in excess of their pro rata entitlements under the rights issue,” reads the note.

Editor's Comment
Has life become worthless?

As many wondered what wrong the young boy could have done to end up killed, it emerged that his own cousin was a suspect in the murder after he claimed P50,000 from Botswana Life. Thato Tsametse, who was last week sentenced to death for the murder of his cousin, had reportedly taken out two Mmoloki Funeral Covers valued at P25,000 each.Over the years, the media has been covering the murder case, and some revelation has come up that certain...

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