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Tlou Energy falls short of fundraising target

Wednesday, June 21, 2023 | 1090 Views |

Coming soon: Tlou Energy has a 10MW contract with the Botswana Power Corporation

Tlou Energy, the country’s most advanced Coal Bed Methane (CBM) developer, recently raised A$6.58 million (P57.1m) through an offer of additional equity to shareholders, an amount below the A$10.6 million (P92.6m) the firm was hoping to get.

Known as an 'entitlement offer' Tlou had planned to use the proceeds from the fundraising to finance the company’s Lesedi Project, which is set to become the country’s first commercial CBM plant, opening up a new ecosystem of electricity generation in Botswana.

The bid however underperformed with the majority of the funding, or A$5 million (about P45m) coming from the underwriter of the transaction.

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Tlou Energy falls short of fundraising target

Tlou Energy, the country’s most advanced Coal Bed Methane (CBM) developer, recently raised A$6.58 million (P57.1m) through an offer of additional equity to shareholders, an amount below the A$10.6 million (P92.6m) the firm was hoping to get.