Tower Resources PLC Issue of Equity (0961A)
December 18 2014 - 02:00AM
UK Regulatory
TIDMTRP
RNS Number : 0961A
Tower Resources PLC
18 December 2014
Tower Resources plc
Issue of Equity
18 December 2014
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(R)), 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.
Contacts
Tower Resources plc
Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Charles Batten
+44 20 7418 8900
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Liz Williamson
+44 20 7647 2800
Vigo Communications
Chris McMahon/ Peter Reilly
+44 20 7016 9572
This information is provided by RNS
The company news service from the London Stock Exchange
END
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