African Energy to fast-track Sese

African Energy Resources has raised $15 million through a 50 cents per share placement to accelerate development of its Sese coal project in Botswana.

African Energy said in a statement today the new shares were primarily placed with institutional and sophisticated investors in Australia, Europe and Asia.

Helmsec Global Capital acted as lead manager for the rasiing.

"The capital raising was strongly oversubscribed despite difficult market conditions and is a testament to the quality of the Sese project," African Energy said in its statement.

"The funds raised will allow the company to substantially advance the Sese coal project with a view to potential development in late 2012."

African Energy shares dipped 5.4 per cent today, dropping to 52.5 cents.