Business
Results of Open Offer and Director's Dealing
Results of Open Offer and Director's Dealing.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2979N Tower Resources PLC 07 August 2017 \n\n7 August 2017\n \nTower Resources plc\nResults of Open Offer and Director's Dealing\n \nTower Resources plc (the \"Company\" (TRP.L, TRP LN)), the AIM listed Africa focused oil and gas exploration company, announced on 30 June 2017 the completion of a £180,000 Placing at 1.0 pence per share and the Company's intention to launch an Open Offer of up to approximately £188,000 at 1.0 pence per share. The Open Offer, together with the Notice of Annual General Meeting, was subsequently announced on 14 July 2017. \nThe Open Offer has now closed in accordance with its terms and was substantially over-subscribed, resulting in an allocation of the Open Offer shares among Qualifying Shareholders. After scaling back excess applications, the Company will issue 18,789,013 Open Offer Shares. This represents the maximum number of Shares available under the Open Offer. The Company has therefore raised gross proceeds of approximately £187,890 through the Open Offer.\nApplication has been made for these 18,789,013 Open Offer Shares, which will rank pari passu in all respects with the existing Ordinary Shares, to be admitted to the AIM Market of the London Stock Exchange. It is expected that Admission of the Open Offer Shares will occur at 8.00 a.m. on 11 August 2017.\nFollowing Admission of the Open Offer Shares and in accordance with Disclosure Guidance and Transparency Rules, the Company's issued ordinary share capital is now comprised of 140,917,601 Ordinary Shares of 1.0 pence each with voting rights.\nThe above figure may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Tower under the FCA's Disclosure Guidance and Transparency Rules.\nThe following table sets out the Directors' shareholding and percentage interest in the issued share capital of the Company after the Open Offer:\n\n\n\n\n \n\n\nHolding prior to the announcement of the Open Offer\n\n\nNumber of Shares acquired pursuant to the Open Offer\n\n\nImmediately following Admission of the Open Offer shares\n\n\n\n\n \n\n\nNumber of Ordinary Shares\n\n\n% of issued share capital\n\n\nNumber of Ordinary Shares\n\n\nNumber of Ordinary Shares\n\n\n% of issued share c...