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1 Nov 2010 07:00
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1 November 2010
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Tower Resources plc ('Tower Resources' or the 'Company')
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PlacingΒ to raise Β£660,000
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Tower Resources, (AIM: TRP), the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, announces todayΒ thatΒ AstaireΒ Securities and Westhouse Securities have raised Β£660,000Β before expenses throughΒ aΒ placingΒ with institutionalΒ and otherΒ investorsΒ including certainΒ Directors of the CompanyΒ (the 'Placing') ofΒ 22,000,000Β new ordinary shares of 0.1p each in the Company (the 'Placing Shares') at a price ofΒ 3Β pence per Placing Share.Β
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It is intended that the proceeds of the Placing will be used to increase theΒ Company'sΒ working capitalΒ resources.Β
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Of theΒ Tower Resources Directors,Β Peter Taylor, Peter Blakey andΒ Jeremy Asher have participated in the Placing and have subscribed forΒ 3,050,000,Β 3,050,000 and 1,500,000 Placing Shares,Β respectively.
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With the exception of the DirectorsΒ participatingΒ in theΒ Placing, theΒ Directors of the Company consider, having consulted with its Nominated Adviser, Astaire Securities, that the terms of the transaction are fair and reasonable insofar asΒ the Company'sΒ shareholders are concerned.
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The PlacingΒ is being effected underΒ the Company's existing authorities, and the Placing Shares equate toΒ 2.13Β per cent. of theΒ Company'sΒ enlarged issued share capital.Β
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Application has been made for the Placing Shares to be admitted to trading on AIM and it is expected thatΒ the Placing Shares will be admitted to trading onΒ 4 NovemberΒ 2010. The Placing Shares will,Β when admitted,Β rank pari passu in all respects with the existing ordinary shares.Β
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Following admission of the Placing Shares to trading onΒ AIM,Β TowerΒ Resources' total issued and voting share capital will comprise ofΒ 1,032,162,756Β ordinary shares of 0.1pΒ and the shareholdings of the Directors will be as follows:Β
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No. of sharesΒ | % of total enlarged share capital | |
Mark Savage* | 100,000,000 | Β 9.69 |
Peter Blakey | Β 83,485,772 | Β 8.08 |
Peter Taylor | Β 85,985,772 | Β 8.33 |
Jeremy Asher** | Β 87,500,000 | Β 8.48 |
Peter Kingston | 2,474,545 | Β 0.24 |
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* Mark Savage's shares are held by Bayview Investments LLC
** JeremyΒ Asher's shares are heldΒ through Agile Energy Limited
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Contacts:Β
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Tower Resources plc | www.towerresources.co.uk |
Peter Kingston, Chairman | 07802 804852 |
Astaire Securities (NOMAD and Joint Broker) | |
Gavin Burnell / Shane Gallwey | 020 7492 4750 |
Charles Vaughan (Broking) Β Westhouse Securities (Joint Broker) Tim Feather / Matthew Johnson Β Walbrook PR | Β Β Β 0207 601 6100 |
Bob Huxford | 020 7933 8780 |
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