Issue of Equity

RNS Number : 3081V

Tower Resources PLC

01 November 2010

 



1 November 2010

Tower Resources plc ('Tower Resources' or the 'Company')

Placing to raise £660,000

Tower Resources, (AIM: TRP), the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, announces today that Astaire Securities and Westhouse Securities have raised £660,000 before expenses through a placing with institutional and other investors including certain Directors of the Company (the 'Placing') of 22,000,000 new ordinary shares of 0.1p each in the Company (the 'Placing Shares') at a price of 3 pence per Placing Share. 

It is intended that the proceeds of the Placing will be used to increase the Company's working capital resources. 

Of the Tower Resources Directors, Peter Taylor, Peter Blakey and Jeremy Asher have participated in the Placing and have subscribed for 3,050,000, 3,050,000 and 1,500,000 Placing Shares, respectively.

With the exception of the Directors participating in the Placing, the Directors of the Company consider, having consulted with its Nominated Adviser, Astaire Securities, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

The Placing is being effected under the Company's existing authorities, and the Placing Shares equate to 2.13 per cent. of the Company's enlarged issued share capital. 

Application has been made for the Placing Shares to be admitted to trading on AIM and it is expected that the Placing Shares will be admitted to trading on 4 November 2010.  The Placing Shares will, when admitted, rank pari passu in all respects with the existing ordinary shares. 

Following admission of the Placing Shares to trading on AIM, Tower Resources' total issued and voting share capital will comprise of 1,032,162,756 ordinary shares of 0.1p and the shareholdings of the Directors will be as follows: 

	No. of shares	% of total enlarged share capital
Mark Savage*	100,000,000	9.69
Peter Blakey	83,485,772	8.08
Peter Taylor	85,985,772	8.33
Jeremy Asher**	87,500,000	8.48
Peter Kingston	2,474,545	0.24

* Mark Savage's shares are held by Bayview Investments LLC

** Jeremy Asher's shares are held through Agile Energy Limited

Contacts: 

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) Westhouse Securities (Joint Broker) Tim Feather / Matthew Johnson Walbrook PR	0207 601 6100
Bob Huxford	020 7933 8780

 

END

 

 

IOELLFVEIDLAFII