Tower Resources Issue of Equity

abarrelfullabarrelfull wrote on 01 Nov 2010 14:19
Tags: aim investing namibia tower-resources

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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 Directorsparticipatingin thePlacing, 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 underthe Company's existing authorities, and the Placing Shares equate to 2.13per cent. of theCompany'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.

Tower Resources Issue of Equity

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