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any reason for this rise ? 71% up
184245047 sell at .225 @ 12.17
Nobody buys £400,000 worth of shares in a dead company for NO reason!
the buy would have been a worked order over weeks/months
up for no reason whatsoever so we all buy in and in 7 days will be back where it was lol
192.5 million shares bought. 3.9 million shares sold.
That is a massive buy and I think that anyone making that kind of purchase must know something we don't. bertos - I would just add that one of the major problems was the previous board. Given the precarious situation of the economy, it would have been prudent to get a partner to help fund the BFS for their flagship mining project, Dutwa. The board wanted to take this on themselves through share placing after share placing. As the European debt crisis and fall in metals prices hit, investors got scared, the share price dropped dramatically, funds dried up and the board started looking for a funding partner. By this stage it was too late and because of the capital investment needed and the fact that mining was a particularly unattractive investment, the board couldn't secure an investor to complete the BFS and the share price plummeted. Eventually the mining rights to Dutwa were sold and AFE have a 10% carried interest. The owner of the mining rights is trying to secure funding to complete the BFS and if they can, the share price will rocket. Dutwa is a highly attractive project for the right investor with billions of dollars of nickel in the ground. But, whether they can secure the required funding is another matter. Markets are more stable than in 2011 when the share price crashed and there is a greater appetite for mining projects, but a huge amount of money is needed.
Check the trades....
This share is moving up fast in the absence of news. Anyone know why it is rising?
We have had similar rises last May and Jne.....Hoping we hold onto today and in the following weeks, with an RNS asap
in a nutshell m8,the mining bear market,especially explo's and lack of cash(bebt).
Hey guys, just a quick question for you, why did it drop all off a sudden at 16p?
Interesting situation. Surely a holdings RNS soon.
a big @$$ buy!
Sp rising very fast, glad already in...
Bought here in one tranche!
must have been about 20% of the total shares in issue(roughly)
......wrong bb
Graeme Thomson, Chief Executive Officer of Tower Resources, said: "I am very pleased with the success of this Placing which broadens the institutional shareholder base in difficult markets. I am even happier with the announcement of the accompanying acquisition of Rift Petroleum and the conditional farm-in to Block 2B Kenya. These transactions, combined with our existing assets in Namibia and Western Sahara, and our ongoing negotiations in Cameroon, Madagascar and elsewhere, will transform Tower into a true Pan-African exploration company. On completion Tower will hold a diversified asset portfolio, in highly prospective hydrocarbon regions and at various stages of development, which should deliver numerous operational milestones in the coming months and years. Each asset has the individual potential to deliver substantial upside for our investors.
?????????????
Comforting though!
A couple of decent buys going through, but not enough for me to think something significant is about to happen. We have seen this level of activity before with nothing to follow.
Some buying activity this morning. News on the way???
I was thinking of buying a few shares in afe. Anyone got any advice. I tried reading the news on the company. Didn't find anything particularly good or bad. Is there a chance of making money or is this company doomed?
True. Good point.