24th Jan 2019 09:48
LONDON (Alliance News) - Tower Resources PLC on Thursday raised GBP1.7 million via issue of 170.0 million shares at 1 pence each.
Shares in the company were trading down 24% at 0.91p each.
The oil & gas company placed the shares, with 85 million of attached three-year 1.25p warrants, in order to fund long-lead items for the drilling of the Thali NJOM-3 well, offshore Cameroon, scheduled for the second quarter of 2019.
The placing proceeds will also cover other costs related to the Thali work programme, and general working capital.
Tower Resources expects the new shares to be admitted to trading on AIM next Wednesday, after which it will have 565.7 million shares in issue.
As part of the placing, Chair and Chief Executive Officer Jeremy Asher agreed to subscribe for 25.9 million shares for GBP258,500. He now holds 12.5% of the company's share capital.
Director Peter Taylor subscribed for 3.0 million shares GBP30,000. His interest in the firm is now 3.3%.
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