REG - Tower Resources PLC - Issue of Equity <Origin Href="QuoteRef">TOWR.L</Origin>

Tower ResourcesAnnouncement

29/10/2014 10:57

RNS Number : 3548R
Tower Resources PLC
11 September 2014
Tower Resources plc
Issue of Equity 
11 September 2014
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, announces the following issuance of New Ordinary Shares. 
On 9 April 2014, the Company announced that Tower Resources (Kenya) Limited, a wholly owned subsidiary of Tower, had agreed to acquire a 15% interest in Block 2B, Kenya, from Lion Petroleum Corp., a wholly owned subsidiary of Taipan Resources Inc. ("Taipan") (TSX.V: TPN). Completion was conditional on the payment of US$4.5 million cash and the admission on the AIM market of the first tranche of 4.5 million Ordinary Shares in Tower, both of which occurred on Monday 2 June 2014. As part of the vendor consideration a second tranche of 4.5 million Ordinary Shares in Tower are due to paid to Taipan three months following completion on 3 September 2014. As a result of the payment of this second tranche of shares Taipan now holds a total of 9,000,000 Ordinary Shares in Tower.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. The shares will rank pari passu in all respects with the Company's existing Ordinary Shares. It is expected that the admission will become effective and that trading in the New Ordinary Shares will commence at 8.00am on or around 16 September 2014.
Following Admission of the above New Ordinary Shares, the Company's enlarged issued share capital will comprise of 3,789,810,099 Ordinary Shares of 0.1 pence each with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Contacts
Tower Resources plc
Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Charles Batten
+44 20 7418 8900
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Liz Williamson
+44 20 7647 2800
Vigo Communications
Chris McMahon/ Peter Reilly
+44 20 7016 9572

This information is provided by RNS
The company news service from the London Stock Exchange
  END
IOELLFFEAFIILIS