Business
Placing of ?9m - Open Offer - Interim Results
Placing of ?9m - Open Offer - Interim Results.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1006K Tower Resources PLC 25 July 2013 \n \n\n25 July 2013\n \nNeither this Announcement nor any part of it constitutes an offer to sell or issue or the solicitation of an offer to buy, subscribe or acquire any new ordinary shares in any jurisdiction in which any such offer or solicitation would be unlawful. The information contained herein is restricted and is not for publication, release or distribution, in whole or in part, directly or indirectly, in, or into or from the United States, Australia, Canada, Japan, the Republic of South Africa or any other jurisdiction in which such publication, release or distribution would be unlawful.\n \nTower Resources plc\nPlacing of £9.0 million and Open Offer of up to £4.1 million\n Interim Results to 30 June 2013\n \nTower Resources plc (\"Tower Resources\" or the \"Company\"), (TRP.L, TRP LN), the AIM listed Africa focused oil and gas exploration company, is pleased to announce a placing to raise £9.0 million (US$13.9 million) before expenses (the \"Placing\") and an open offer to raise up to £4.1 million (US$6.2 million) before expenses (the \"Open Offer\"). The proceeds of the Placing and the Open Offer will be used to fund the Company's share of the 2013 costs associated with the Welwitschia-1 well in Namibia, the cash consideration payable in respect of the acquisition of Wilton Petroleum Limited (as announced on -3 July 2013), for general working capital purposes and to enhance the Company's ability to pursue its new ventures strategy. The Placing is not conditional upon the Open Offer.\n \nThe Company has conditionally placed 802,343,266 New Ordinary Shares (the \"Placing Shares\") at a price of 1.125 pence per share to raise gross proceeds of £9.0 million (US$13.9 million) by means of a placing by Peel Hunt LLP and GMP Securities Europe LLP. It is expected that Admission of the Placing Shares will become effective and that dealings will commence in the Placing Shares by 8.00 a.m. on 30 July 2013. In addition, in order to provide shareholders with an opportunity to participate in the fundraising, the Company is launching a 2 for 9 Open Offer of up to 360,811,606 new Ordinary Shares at a price of 1.125 pence per share to raise up to an additional £4.1 million (US$ 6.2 million).\n \nSummary\n·&n...