Business
Financing Update
Financing Update.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5278X\n Tower Resources PLC\n 01 September 2020\n \n \n \n \n THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.\n \n \n This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of Tower Resources PLC or other evaluation of any securities of Tower Resources PLC or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.\n \n \n 1 September 2020\n Tower Resources plc\n Shard Merchant Capital Loan Facility Agreement\n Extension of Pegasus Loan Facility\n Issue of Shares and Warrants in connection with Loans\n Subscription to raise US$200,000\n \n \n Tower 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 financing update announcement on 14 August 2020, the Company has on 28 August 2020 agreed a six-month Loan Facility (the \"Shard Facility\") of US$500,000 with Shard Merchant Capital Ltd (\"Shard\"). The terms of the Shard Facility include the issue of \n 31,446,541\n \n attached three-year warrants at a strike price of \n 0.6\n pence and \n 5,761,198 shares to pre-pay interest\n .\n \n \n The Company has also, on 28 August 2020, agreed a further six-month extension to its existing US$750,000 Loan Facility (the \"Pegasus Loan Facility\") with Pegasus Petroleum Limited (\"Pegasus\"), as part of which it will issue \n 47,169,811\n attached three-year \n 0.6\n pence warrants, and Pegasus has agreed to subscribe for \n 37,854,971 shares to convert the current accrued interest on the Pegasus Loan Facility into shares, and to pre-pay interest (the \"Pegasus Extension\").\n \n \n The aggregate number of shares to be issued in consideration of accrued and pre-paid interest for the Shard Facility and Pegasus Loan Facility is therefore 43,616,169 shares (\"Loan Facility Interest Shares\").\n \n \n Th...