Tlou Energy Ltd on Friday said it raised money via placing shares to fund the development of its Lesedi project in Botswana.

The Botswana and Southern Africa-focused energy company raised A$678,977, about £354,867, via placing 19.4 million shares at a price of A$0.035 per share.

Tlou Energy funds the Lesedi project in Botswana with the funds. The company has a large gas field in the country and expects to complete the construction of a transmission line to connect the Lesedi gas project to the existing power grid to complete this year.

Tlou Energy shares rose 16% to 1.57 pence each on Friday morning in London, while they were 7.1% higher in Sydney at A$0.030 each.

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