Botala Energy Ltd (ASX:BTE) has completed its share purchase plan (SPP), raising A$200,000 via the issue of 2,666,673 new fully paid ordinary Botala shares.
The SPP follows Botala's previously completed A$850,000 placement which was strongly backed by management and the Botala Board. Both the placement and SPP have an issue price of A$0.075 per share.
Funds raised via the SPP will be used to support the development of the company’s Serowe coal bed methane (CBM) project in Botswana, including BTE’s inaugural commercial pilot program.
The funds will also contribute to research and development of renewable projects, along with general working capital and costs of the SPP.
Botala expects to issue the shares on September 13, 2024 and to commence trading on the ASX on September 16, 2024.