RE: Not Looking Good4 Oct 2023 12:20
it was always coming, just a question of when and if ja could get his lard **** into gear, to make it less painful. january2023 rna message over the rns news wire.
institutional placing of up to us$6 million with energy exploration capital partners llc
tower resources plc (aim: trp), the africa-focused energy company, is pleased to announce the completion of an institutional placing (the "placing") to energy exploration capital partners, llc ("eecp" or the "placee"), a u.s.-based institutional investor, pursuant to an investment deed (the "deed").
institutional placing:
the placing will initially raise us$1,250,000 as a placing to the placee of new ordinary shares (with nominal value of 0.001p each) in the company ("shares") worth us$1,362,500. following the initial placing, the placee will invest, at the request of the company, up to us$1,750,000 in the aggregate for shares worth us$1,907,500 in the aggregate, no earlier than three months and no later than eight months after the initial placing (such period, the "commitment period", and collectively, such investments, the "second placing"). if required by the company, a further us$3,000,000 may be raised from the placee for shares worth an equivalent amount, with the placee's consent. further information regarding the placing is set out below.
the proceeds from the placing will be used by tower to fund work programme commitments in respect of its licenses in cameroon, namibia and south africa as well as for general working capital purposes.