African Alliance managed funds will subscribe for approximately 21.2 million new ordinary shares in Tlou at a subscription price of P1.56 (approximately £0.11 or AUS$0.20) per share, raising P33.0 million (approximately £2.4 million or AUS$4.1 million).
Subscription is conditional on Tlou listing on the Botswana Stock Exchange (BSE), which is expected to occur around mid-December 2017.
Tlou's Managing Director Tony Gilby commented: "Securing African Alliance managed funds as strategic long term and committed local shareholders in Botswana and listing on the BSE is a significant milestone for the Company. Having local shareholders on our register confirms the support for the project from within the Botswana investment community and becoming a Botswana listed entity opens further development funding options to the Company. Tlou is focussed on building a new industry within Botswana, which will create new employment to support local communities."
