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29 Sep 2009 09:02
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29 September 2009
Tower Resources plc (the "Company")
Β
PlacingΒ to raise Β£7m
Tower Resources plc, (AIM: TRP), the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, announces todayΒ thatΒ AstaireΒ Securities has raised Β£7,000,000Β before expenses throughΒ aΒ placingΒ with institutionalΒ and otherΒ investorsΒ including certainΒ Directors of the CompanyΒ (the "Placing") ofΒ 350,000,000Β new ordinary shares of 0.1p each in the Company ("Ordinary Shares") (together the "Placing Shares") at a price ofΒ 2Β pence per Placing Share.Β
It is intended that the proceeds of the Placing will be used toΒ fund the Company's share of the proposed second well in Uganda andΒ increase theΒ Company'sΒ working capitalΒ resources.Β
Of theΒ Tower Resources Directors,Β Peter Taylor, Peter Blakey andΒ Jeremy Asher have participated in the Placing and have subscribed forΒ 20,000,000,Β 17,500,000,Β andΒ 24,133,333Β Placing Shares,Β respectively.
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.
The PlacingΒ is being effected underΒ the Company's existing authorities, and the Placing Shares equate toΒ 34.7Β per cent of theΒ Company'sΒ enlarged issued share capital.Β
The Placing Shares willΒ when admittedΒ rank pari passu in all respects with the existing Ordinary Shares.Β It is expected thatΒ 300,866,667Β Placing Shares will be admitted to trading onΒ 6 OctoberΒ 2009,Β 25,000,000Β Placing SharesΒ onΒ 17 OctoberΒ 2009Β andΒ 24,133,333Β Placing Shares on 27 October 2009.
Following admission of all of the Placing Shares to trading onΒ AIMΒ TowerΒ Resources' total issued and voting share capital will comprise ofΒ 1,007,162,756Β ordinary shares of 0.1pΒ and the shareholdings of the Directors will be as follows:Β
|
No. of sharesΒ |
% of total enlarged share capital |
|
|
Mark Savage* |
100,000,000 |
9.9 |
|
Peter Blakey |
80,435,772 |
7.9 |
|
Peter Taylor |
82,935,772 |
8.2 |
|
Jeremy Asher* |
86,000,000 |
8.5 |
|
Peter Kingston |
2,474,545 |
0.2 |
*Mark Savage's shares are held by Bayview Investments LLC
*Β JeremyΒ Asher's shares are heldΒ through Agile Energy Limited
Enquiries:Β
|
Tower Resources |
www.towerresources.co.uk |
|
Peter Kingston, Chairman |
07802 804852 |
|
Astaire Securities, NOMAD and Broker |
|
|
Jerry Keen / Lindsay Mair |
020 7448 4400 |
|
AquilaΒ Financial Limited, (PR) |
|
|
Peter Reilly |
0118 979 4100 |
Β
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