3rd Oct 2016 07:59
LONDON (Alliance News) - Tower Resources PLC on Monday launched the open offer associated with the GBP1.0 million placing that it undertook last month to allow existing shareholders to retain their stakes in the business.
Tower conducted a heavily-discounted placing less than one month ago after issuing 45.9 million shares at 2.25 pence per share, and the company had always intended to launch a subsequent open offer with the intention of raising a further GBP560,000.
On Monday, the company said 25.3 million shares will be available under the open offer and the price, when compared to the closing price on Friday, is at a discount of 22%.
The open offer shares, if taken up in full, will be equal to 25% of the company's enlarged issued share capital. The offer is one new share for every three shares already held.
Tower shares were down 3.4% to 2.78 pence per share on Monday morning, having initially risen to 2.90p.
By Joshua Warner; [email protected]; @JoshAlliance
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