PYX Resources: Achieving volume and diversification milestones. Watch the video here.
RNS does not mention any amounts hence would appreciate if any LONGTERM holder can assist with how much the contract is worth? Thanks
Anyone know how much is the contract worth up-to? 200 licenses does not sound too high.
Another reason for rise? "The sharp rally shows Tower had been heavily oversold previously, according to one person familiar with the stock, who also suggested that sellers in the market had now been exhausted." http://www.proactiveinvestors.co.uk/companies/news/78746/tower-resources-400-rebound-suggests-the-explorer-may-have-bottomed-out-78746.html
"A sharp rally in Tower Resources (LON:TRP) shares indicates the Africa focussed explorer may have bottomed out. Tower shares had dropped from around 5p in the past year due in part to disappointing exploration results, and broader sector-wide weakness driven by the collapse of crude oil prices. Investors will hope the trading in recent weeks will soon resemble something of a nadir for the AIM quoted share, which peaking at 0.49p earlier today marked a near 400% rally. Tower, in a stock market statement, said it was not aware of any specific new reasons for the movement. The sharp rally shows Tower had been heavily oversold previously, according to one person familiar with the stock, who also suggested that sellers in the market had now been exhausted. That contractors recently agreed to receive payment in shares at 0.66p, a big premium at the time, also suggested the stock’s value may have fallen too far. It is understood the company continues to see support from institutional investors and its core base of shareholders. Tower’s management, as indicated in a recent strategic update, is seeking new deals to optimise the portfolio and reduce costs. Such deals could feature at either asset or corporate level, and could potentially see Tower combined with another group. These corporate activities are, however, said to still be at an early stage. Chairman Jeremy Asher, in last week’s statement, said: “This is a time of especially rapid change and volatility, which we think has, led to a short-term under-valuation of exploration assets.” “We believe that underlying market conditions will improve over the next couple of years, and sentiment will follow; the question is how best to position our company for this environment, not merely to manage through it but also to take advantage of the opportunities it creates.”
Normally on many shares when EEF expires or closed, Shares tend to rise big so this maybe one of the reason. "Equity Funding Facility ("EFF") Expires On 26 March 2012 the Company announced that it had entered into a £20 million EFF with Darwin Strategic Limited ("Darwin") with the purpose of providing greater funding flexibility to Tower. The initial term of the EFF was for a period of 36 months and will expire on 23 March 2015. Tower has decided not to renew this facility and has informed Darwin accordingly. "
Maybe this is one of the reason for early rise... "Our portfolio now has limited financial exposure with no drilling commitments. Our discretionary work programs have been cut and focused onto work related to farming out when conditions are favorable or on post-well analysis. Group costs are adjusting accordingly. Our current cash balance remains in excess of US$4 million even after paying in full for the Kenya well." "Equity Funding Facility ("EFF") Expires On 26 March 2012 the Company announced that it had entered into a £20 million EFF with Darwin Strategic Limited ("Darwin") with the purpose of providing greater funding flexibility to Tower. The initial term of the EFF was for a period of 36 months and will expire on 23 March 2015. Tower has decided not to renew this facility and has informed Darwin accordingly. " "Financial commitments are fully met and we do not anticipate significant additional expenditure this year. Any future drilling is likely to require a farm-out."