Petroleum Africa
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Tuesday, March 10, 2020
Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, announced a placing of 138,666,666 million Ordinary Shares comprising 133,333,333 Ordinary Shares (the Placing Shares) to raise gross proceeds totaling £500,000 at a price of 0.375 pence per share (the Placing Price) (the Placing), and 5,333,333 Ordinary Shares which the Company’s Broker Turner Pope Investments (TPI) Ltd has agreed to receive in lieu of part of its commission at the Placing Price (the Commission Shares).
The Placing proceeds will be used to provide working capital for the Company while the previously announced farm-out moves towards completion.
Jeremy Asher, Tower’s Chairman & CEO commented: “We have carried out this small placing to mitigate the risk of running low on cash as we seek to complete our well financing. We have kept the placing small because we do not like issuing shares at our current share price, given the superior economics for our shareholders of farming out on our agreed terms. Nevertheless, we felt that it was prudent to have some cash cushion at this time.”
Share Capital Following the Issue of the Placing and Commission Shares
Application has been made for the Placing Shares and Commission Shares to be admitted to trading on AIM. It is expected that Admission of the Shares will become effective and that dealings will commence by 8.00 a.m. on or around 12 March 2020.
Following admission of the Shares, the Company’s enlarged issued share capital will comprise 1,243,271,874 Ordinary Shares of 0.001 pence each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
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