Sign In
Last checked at 
22 Oct 2008 07:00
ο»Ώ
22 October 2008
TowerΒ ResourcesΒ Plc
Result of Placing
TowerΒ ResourcesΒ plc ('the Company' or 'TowerΒ Resources'), the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, has raised Β£1,030,000 before expenses through the placing of 51,500,000 ordinary sharesΒ of nominal value ofΒ 0.1pΒ each of the Company ("Ordinary Shares")Β (together theΒ 'Placing Shares') with Directors of theΒ Company and institutional investors at a price of 2p per Placing Share (the "Placing").Β The placing price per Placing Share is at a discount ofΒ 0.5p to the mid-market price of an Ordinary Share at the close ofΒ businessΒ on the business day preceding the date of this announcement.Β It is intended that the proceeds of the Placing will be used for additional working capital and to fund the future development of the Company through to securing a farm in party for the Company's project inΒ Uganda.Β
The Placing has been performed under existing share authorities,Β and the Placing Shares equate toΒ 8.7%Β of the enlarged issued share capital. TowerΒ ResourcesΒ Directors,Β Peter Kingston, Peter Taylor, Peter Blakey, Jeremy Asher and Mark Savage have participated in the Placing and haveΒ subscribed forΒ 1,000,000, 5,800,000, 5,800,000, 5,800,000 and 11,600,000 Placing Shares respectively.
Following admission to trading on the AIM Market of the London Stock Exchange plc ("AIM") of the Placing Shares, which will rank pari passu in all respects with the existingΒ OrdinaryΒ Shares, Tower Resources' total issued and voting share capital will comprise of 589,329,422Β OrdinaryΒ Shares.Β
Subsequent to the Placing,Β The Directors of the Company will have the following shareholdings:Β
|
No. of Shares |
% of total enlarged share capital |
|
|
Mark Savage |
111,600,000 |
18.9 |
|
Peter Blakey |
58,869,106 |
10.0 |
|
Peter Taylor |
58,869,106 |
10.0 |
|
Jeremy Asher |
50,800,000 |
8.6 |
|
Peter Kingston |
1,774,545 |
0.3 |
Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that admission will take place on 28 October 2008.
Peter Kingston, Executive Chairman of Tower Resources, said:
'Against a challenging equity market backdrop, we are delighted by the institutional interest generated by Blue Oar, whichΒ willΒ assist in fundingΒ the group through to securing a farm in partner for our project inΒ Uganda.'
For further information, please contact:
|
Tower Resources plc |
www.towerresources.co.ukΒ |
|
Peter Kingston, Chairman |
07802 804852 |
|
Β |
Β |
|
Blue Oar Securities, NOMAD and Broker |
Β |
|
Jerry Keen / Andrew Raca |
020 7448 4400 |
|
Β |
Β |
|
Aquila Financial LimitedΒ (PR) |
www.aquila-financial.comΒ |
|
Peter Reilly |
0118 979 4100 |
Follow the stocks
