19th Aug 2014 08:48
LONDON (Alliance News) - Tower Resources PLC Tuesday said it is to issue 10.0 million new shares under contractual arrangements as part payment for services provided in the second quarter of 2014.
In a statement, the AIM-listed Africa-focused oil and gas exploration company said it will issue the shares at 1.1075 pence each, the average share price of the last 10 days of the calendar quarter ended June 30. Tower Resources shares were Tuesday quoted down 5.2% at 0.806p.
Of the new shares, 9.1 million will be issued to PDF Ltd, the Tower Resources' outsourced exploration department, meaning PDF now has 23.2 million shares or a 0.61% stake in the issuer, while 893,905 new shares are being issued to QX Energy Ltd. This company is controlled by Head of Exploration Nigel Quinton and his family. This gives QX 1.9 million shares, while Quinton and his wife, unnamed in the statement, have 9.0 million, or a 0.29% stake in Tower Resources.
By Samuel Agini; [email protected]; @samuelagini
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