Tlou Energy Limited's Entitlement Offer Announcement

Tlou Energy Limited (ASX:$TOU) has announced a non-renounceable entitlement offer to ASX and BSE shareholders to raise up to A$13.3 million (~BWP 118 million). The offer entails 4 new ordinary shares for every 11 ordinary shares held, at a price of A$0.035 per share (BWP0.31). Certain Directors are participating in the Entitlement Offer with commitments in place for a minimum of A$613,308. The funds raised, combined with existing capital, will be directed towards the development of Tlou's Lesedi power project and working capital.

Directors' Participation in the Entitlement Offer

Certain Directors of Tlou Energy Limited have committed to participating in the Entitlement Offer by subscribing for a minimum investment between them of A$613,308. The Directors reserve their rights to subscribe for their full Entitlements. The Directors' beneficial interests in the capital of the Company at the date of the Offer and intention to participate in the Offer are as follows: Tony Gilby holds 750,000 performance rights, Hugh Swire holds 500,000 performance rights, Colm Cloonan holds 4,750,000 performance rights, Gabaake Gabaake holds 2,750,000 performance rights, and Martin Mclver holds 750,000 performance rights.

Summary of Tlou Energy's Entitlement Offer

Tlou Energy Limited has announced a non-renounceable entitlement offer to raise up to A$13.3 million for its Lesedi power project and working capital. The offer entails 4 new ordinary shares for every 11 ordinary shares held, at a price of A$0.035 per share (BWP0.31). The net proceeds of the Entitlement Offer, along with existing cash, will mainly be applied towards achieving Lesedi power project power grid connectivity in Botswana, including expenditure relating to transmission line and substations, drilling, field operating costs, gas gathering, generation, corporate expenditure, and working capital. Eligible shareholders may subscribe for 4 fully paid ordinary shares for each 11 fully paid ordinary shares held at 7.00 pm (AEST) on 20 December 2023. The Entitlement Offer will entitle each eligible holder to acquire 4 fully paid ordinary shares for every 11 fully paid existing ordinary shares held at 7.00 pm (AEST) on 20 December 2023. Shareholders who hold shares on the Record Date, with a registered address in Botswana, Australia, or New Zealand, are eligible to participate in the Entitlement Offer. The Offer will be made available to Shareholders who are resident in Botswana subject to the Company receiving approval from the BSE. The Issue Price is a 9% premium to the closing price on the ASX on 14 December 2023. The maximum number of shares available to be subscribed for under the Entitlement Offer is 379,629,948 ordinary shares, and the Entitlement Offer will raise A$13.3 million (BWP 118 million) if fully subscribed. Eligible Shareholders who take up their full entitlement will be invited to apply for excess Offer Shares in the Entitlement Offer from a pool of those not taken up by other eligible Shareholders through the Excess Application Facility. The Entitlements are non-renounceable and will not be tradeable on ASX, AIM, or BSE or otherwise transferable. An Offer Booklet in relation to the Rights Issue was lodged with ASX on 15 December 2023, and further details of the Entitlement Offer are available on the Company's website.