Business
Notice of EGM
Notice of EGM.
About this update from Tower Resources Plc
[{"type":"text","content":"\n Tower Resources PLC\n09 January 2007\n\n\nPress Release\n\n9 January 2007\n\n Tower Resources Plc\n\n Extraordinary General Meeting\n\n\nTower Resources Plc ('Tower' or the 'Company'), the AIM listed oil and gas\nexploration and production company, has today posted a Circular to shareholders\nconvening an Extraordinary General Meeting of the Company on 1 February 2007.\n\nThis follows the announcement on 21 December 2006 that the Company had entered\ninto the Agile Commitment Letter by which Agile agreed to subscribe for the\nfollowing two tranches of Ordinary Shares at a placing price of £0.02 per\nOrdinary Share ('Placing Price'):\n\n(a) the first tranche of 45,000,000 of the Placing Shares (the 'First Tranche');\nand\n\n(b) the second tranche of 7,000,000 of the Placing Shares (the 'Second Tranche\n').\n\nAgile's obligation to subscribe for the First Tranche is conditional only upon\nadmission of such shares to trading on AIM. The allotment of the First Tranche\nto Agile and receipt by the Company of the proceeds of £900,000 are due on 31\nJanuary 2007. It is expected that dealings in the First Tranche on AIM will\ncommence at 8.00 a.m. on 5 February 2007.\n\nAgile's obligation to subscribe for the Second Tranche is conditional on, inter\nalia, the Company passing resolutions granting the Company's directors authority\nto allot the Second Tranche pursuant to Sections 80 and 95 of the Companies Act\n1985 and any other resolutions required to permit the allotment of the Second\nTranche. Subject to the passing of these resolutions, the allotment of the\nSecond Tranche to Agile and receipt by the Company of the proceeds of £140,000\nare due by 30 April 2007. It is expected that, subject to the passing of those\nresolutions (and assuming payment on 30 April 2007), dealings in the Second\nTranche on AIM will commence at 8.00 a.m. on 4 May 2007.\n\nUpdate on Licences and use of proceeds\n\nThe Company is now into the second year of the first two-year Licence Periods\nfor both its 100% owned Ugandan and Namibian Licences. Comprehensive technical\nevaluation has reinforced our view as to the prospectivity of both Licences.\nCommitments over the course of 2007 could amount to US$8 million and the company\nwishes to retain maximum flexibility to fully fund these commitments at its\ndiscretion so as to be able to optimise commercia...