Business
Placing and Subscription to raise £2.3 million
Placing and Subscription to raise £2.3 million.
About this update from Tower Resources Plc
[{"type":"text","content":"\n\nTHIS 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.\nThis 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 \n16 May 2023\nTower Resources plc\nPlacing and Subscription to raise £2.3 million\nCameroon Update\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 the Company has raised gross proceeds of £2,300,000 through a conditional placing and subscription of approximately 4,600,000,000 new ordinary shares of 0.001 pence each (the \"Placing Shares\") at a price of 0.05 pence per Placing Share (the \"Placing Price\") (the \"Placing\").\nAs part of the Placing, Jeremy Asher, Chairman and CEO, has entered into a subscription agreement to subscribe for 100,000,000 new Placing Shares in the Placing for £50,000 as further detailed below.\nCameroon Update\nThe Company is pleased to advise that it has this week received a letter from the Prime Minister of Cameroon advising the Company that he has given instructions to the Minister of Mines, Industry and Technological Development (\"MINMIDT\") requiring him to take necessary measures in order to accelerate the license extension process in response to the Company's request.\nThe Company and one of the rig contractors with whom it is in discussions have commissioned a leg penetration analysis and a leg extraction assessment in respect of the specific rig under discussion, based on the existing geotechnical survey, and this work should be completed shortly.\nAs previously disclosed, the Company is waiting for feedback from BGFI Bank Group on the outcome of its internal discussions, and is continuing discussions with various possib...