Tower Announce Issue of Equity
Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, announces the following issuance of New Ordinary Shares.
Tower has agreed to issue 15,090,845 New Ordinary Shares under contractual arrangements as part payment for services provided in the third quarter of 2014. The new Ordinary Shares will be issued at a price of 0.7755p per share representing the average share price of the last 10 days of the calendar quarter ending 30 September 2014.
A total of 13,802,644 New Ordinary Shares will be issued to P.D.F Limited, the Company’s Outsourced Exploration Department (OExD®), in part payment for services provided during the calendar quarter ending 30 September 2014 as part of a previously announced quarterly contractual arrangement. P.D.F Limited now holds a total of 37,015,805 Ordinary Shares in Tower representing 0.97% of the issued share capital.
A total of 1,288,201 New Ordinary Shares have been issued to QX Energy Limited, a company controlled by Nigel Quinton, Head of Exploration, and his family, in part payment for services for the period covering 1 July 2014 to 30 September 2014. QX Energy Limited now holds a total of 3,197,151 Ordinary Shares and Mr Quinton and his wife own 9,000,000 Ordinary Shares in Tower, representing an interest of 0.32% of the issued share capital.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. The shares will rank pari passu in all respects with the Company’s existing Ordinary Shares. It is expected that the admission will become effective and that trading in the New Ordinary Shares will commence at 8.00am on or around 23 December 2014.
Following Admission of the above New Ordinary Shares, the Company’s enlarged issued share capital will comprise of 3,804,900,944 Ordinary Shares of 0.1 pence each with voting rights. 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 their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
Source: Tower Resources plc