Business
Completion of Bridging Loan and Issue of Warrants
Completion of Bridging Loan and Issue of Warrants.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2706W Tower Resources PLC 16 April 2019 \n\n16 April 2019\n \nTower Resources plc\nCompletion of Bridging Loan Facility\nIssue of Warrants\n \nTower Resources plc (the \"Company\" or \"Tower\" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, is pleased to announce that, further to the Company's announcement earlier today outlining the proposed interim financing, the Company has successfully agreed a Bridging Loan Facility (\"Bridging Loan\") of US$750,000 with a single lender. The terms of the Bridging Loan include the issue of 90 million of attached five-year 1.0 pence warrants.\nAs previously disclosed, the purpose of the Bridging Loan is to cover working capital while the Company seeks to finalise funding arrangements for the drilling of the NJOM3 well on the Thali licence in late May 2019. \n \nBridging Loan Facility and Issue of Warrants\n \nThe Company has agreed a short term senior secured funding facility of US$750,000 with Pegasus Petroleum Ltd, a company beneficially owned by the Company's Chairman Jeremy Asher. The material terms of the facility comprise fees of 2%, interest of 1% per month accrued and paid on repayment, a fixed and floating charge over the Company's assets, and the issue of 90 million 5-year warrants priced at 1.0 pence per share (\"Warrants\"), which is a premium of 38% over the Company's closing mid-market share price on 15 April 2019. The Bridging Loan will be due for repayment on or before 30 June 2019 and will have a preferential right of repayment from any future financing secured by the Company. \n \nThe issue of Warrants has been summarised in the table below.\n \n\n\n\nDirector\n\n\nNumber of Warrants being issued \n\n\nTotal number of Warrants held including this issue*\n\n\nShareholding upon exercise of total number of Warrants held\n\n\n% of issued share capital upon exercise of Warrants‡ \n\n\n\n\nJeremy Asher \n\n\n90,000,000†\n\n\n127,908,865\n\n\n198,800,360\n\n\n24.5\n\n\n\n\nPeter Taylor\n\n\n-\n\n\n17,190,413\n\n\n35,642,139\n\n\n4.4\n\n\n\n\nGraeme Thomson\n\n\n-\n\n\n15,690,413\n\n\n20,841,180\n\n\n2.6\n\n\n\n*Warrants are held at different prices\n† Warrants issued to Pegasus Petroleum Ltd; a company beneficially owned by Jeremy Asher\n‡Excludes share options \n \n&nbs...