Petroleum Africa
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Wednesday, July 31, 2019
Tower Resources announced an extension of its Bridging Loan Facility of $750,000. The terms of the extension include the issue of 3 million of attached five-year 1.0 pence warrants with the facility now being due for repayment on or before August 31, representing a two month extension from its original term.
As previously disclosed, the purpose of the Facility is to cover working capital while the company seeks to finalize funding arrangements for the drilling of the NJOM3 well on the Thali license in Cameroon. The purpose of the extension is to allow additional time to progress farm-out discussions and arrange for refinancing of the Facility. Tower continues to manage its limited cash resources carefully as these discussions are progressed.
The company is continuing farm-out discussions with multiple parties and is hopeful of achieving a first term sheet in the near future.
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