Petroleum Africa
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Friday, July 26, 2013
Tower Resources announced a placing and an open offer to raise funds of around £13.1 million before expenses. The company has conditionally placed 802,343,266 new ordinary shares at a price of 1.125 pence per share for a total of £9.0 million with Peel Hunt LLP and GMP Securities Europe LLP. It is expected that admission of the placing shares will become effective and that dealings will commence in the placing shares on the morning of July 30.
In addition, in order to provide shareholders with an opportunity to participate in the fundraising, Tower is launching a 2 for 9 Open Offer of up to 360,811,606 new ordinary shares at a price of 1.125 pence per share to raise up to an additional £4.1 million.
The proceeds of the placing and the open offer will be used to fund the company’s share of the 2013 costs associated with the Welwitschia-1 well in Namibia, the cash consideration payable in respect of the acquisition of Wilton Petroleum for the license in Madagascar, for general working capital purposes, and to enhance the company’s ability to pursue its new ventures strategy.
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