Business
Institutional, Directors and
Institutional, Directors and.
About this update from Tower Resources Plc
[{"type":"text","content":"\n RNS Number : 8700Q Tower Resources PLC 21 April 2009 \nTower Resources plc (the 'Company') \n \nInstitutional, Directors and Employee Placing \n\nTower Resources plc, (AIM: TRP), the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, announces today Blue Oar Securities has raised £1,285,000 before expenses through the placing (the 'Placing') of 42,833,334 new ordinary shares of 0.1p each in the Company ('Ordinary Shares') (together the 'Placing Shares') at a price of 3 pence per Placing Share. The placing comprised £1,250,000 raised from Institutional investors, Directors and employees of the Company and a further £35,000 from an existing overseas institutional shareholder.\n\nIt is intended that the proceeds of the Placing will be used to increase the Company's working capital to meet going concern requirements over the next year. \n\nTower Resources Directors, Peter Kingston, Peter Taylor, Peter Blakey and Jeremy Asher have participated in the Placing and have subscribed for 700,000, 4,066,666, 4,066,667 and 4,066,667 Placing Shares respectively.\n\nThe Placing utilises the Company's existing authorities, and the Placing Shares equate to 6.5 per cent of the company's enlarged issued share capital. Tower Resources' total issued and voting share capital will comprise of 657,162,756 ordinary shares of 0.1p. \n\nSubsequent to the Placing, The Directors of the Company will have the following shareholdings: \n\n\n\n\n\n\n\n\nNo. of shares \n\n\n% of total enlarged share capital\n\n\n\n\nMark Savage*\n\n\n100,000,000\n\n\n15.22\n\n\n\n\nPeter Blakey\n\n\n62,935,772\n\n\n9.58\n\n\n\n\nPeter Taylor\n\n\n62,935,772\n\n\n9.58\n\n\n\n\nJeremy Asher*\n\n\n61,866,667\n\n\n9.41\n\n\n\n\nPeter Kingston\n\n\n2,474,545\n\n\n0.38\n\n\n\n\n\n*Mark Savage's shares are held by Bayview Investments LLC\n* Jeremy Asher's shares are held through Agile Energy Limited\n\nFollowing admission to trading on AIM, the Placing Shares, will rank pari passu in all respects with the existing Ordinary Shares. It is expected that the Placing Shares will be admitted to trading on 28 April 2009. The Company has agreed deferred settlement for 5,000,000 Placing Sha...