Tlou Energy Ltd - Brisbane, Australia-based power project developer with operations in Botswana - Announces partially underwritten entitlement offer from ILC Investments Pty Ltd of around 304.2 million ordinary shares at 0.02 pence per share to raise £5.7 million. Says funds raised will go towards development of its projects in Botswana. This includes the construction of a transmission line to connect its Lesedi project to an electricity grid and the drilling of gas production wells.

Last week, Tlou received a £1.1 million loan from ILC. The loan has a three-year term, beginning May 1. Interest will be charged at 10% per annum and payable each quarter. ILC is already Tlou’s largest shareholder, having provided £4.0 million in capital via previous share placements.

Current stock price: 2.20 pence, down 4.4% in London on Friday afternoon

12-month change: up 29%

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