Petroleum Africa
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Monday, October 24, 2016
Tower Resources closed its placing of £1.03 million and its open offer of up to £0.56 million at the placing price of 2.25 pence per share. The company has received valid acceptances from Qualifying Shareholders, including for excess applications, in respect of 24,994,835 open offer shares. This represents 98.9% of the maximum open offer shares available under the offer. The company has therefore raised gross proceeds of approx. £0.56 million through the offer.
Tower has also issued a total of 3,330,332 New Ordinary shares, at a price ranging from 2.25 to 5.66 pence per share, as part payment for services provided to it during the year to date. Pursuant to contractual arrangements 288,858 New Ordinary shares have been issued, at a price of 5.66 pence per share, to P.D.F Ltd (P.D.F), Tower’s Outsourced Exploration Department (OExD®), a company owned by Dr. Mark Enfield, Managing Director, in part payment for services for the period covering July 1 through September 30.
P.D.F now holds a total of 1,877,546 ordinary shares, including 69,401 ordinary shares in Tower owned by Dr. Mark Enfield, representing a combined interest of 1.8% of the issued share capital. The issue price of 5.66 pence per share represents the average of the closing share price for the calendar quarter ending September.
In addition, 3,041,474 New Ordinary shares, at the Placing Price of 2.25 pence per share, have also been issued to specific contractors in part payment for services rendered to the Company during 2016.
Application has been made for the 28,325,167 open offer and contractual shares, which will rank paripassu in all respects with the existing Ordinary shares, to be admitted to trading on the AIM market of the LSE. It is expected that admission of the above shares will occur on or around 8.00 a.m. on October 26.
“We are pleased that there was significant interest in the Open Offer, while at the same time also glad that there was sufficient size available in the Offer to meet all the requests for shares at this price. We have been continuing to work on the financing of the work program on the Company’s Thali block in Cameroon, and on cost reduction measures, so that once Thali is financed we will be in a good position to wait out the market cycle. We look forward to sharing more news with shareholders over the coming months,” Jeremy Asher, chairman of Tower said.
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