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Tower Resources Raises GBP1.5 Million; Restructures Loan Facility

Tue, 15th Oct 2019 11:45

(Alliance News) - Tower Resources PLC on Tuesday said it raised GBP1.5 million in new capital through a share issue and extended and restructured a loan facility.

The Africa-focused oil & gas company said it has issued 512 million ordinary shares via a share placing and subscription at 0.325 pence per share to raise GBP1.5 million. Chair & Chief Executive Jeremy Asher acquired 215.3 million shares in the placing for GBP700,000 in total.

Tower Resources shares were down 21% at 0.36 pence each on Tuesday afternoon.

The company plans to use the placing proceeds to cover ongoing operational costs, pay creditors and also secure the services of Geoquip Marine's MV Investigator to undertake a site survey and drill boreholes at Thali licence in the Rio del Rey basin, offshore Cameroon

Tower Resources separately has agreed to procure funds from Pegasus Petroleum Ltd, a company owned by Asher, to repay USD375,000 outstanding on a bridge loan facility.

Following the transaction, Pegasus will hold 100% of the USD750,000 bridge loan facility. Pegasus has also agreed to extend the repayment date of the loan facility to June 30, 2020.

By Tapan Panchal; tapanpanchal@alliancenews.com

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