REG - Tower Resources PLC - Share Issuance to EECP

Tower ResourcesAnnouncement

08/11/2023 07:00

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RNS Number : 7028S  Tower Resources PLC  08 November 2023

8 November 2023

Tower Resources plc

("Tower" or the "Company")

Share Issuance to Energy Exploration Capital Partners LLC

 

Tower Resources plc (AIM: TRP), the Africa-focused energy company, announces
that Energy Exploration Capital Partners, LLC ("EECP" or the "Placee"), in
accordance with the terms of the investment deed (the "Deed") announced to the
market on 16 January 2023, has requested that the Company issue 344,466,500
ordinary shares of 0.001p each ("Placing Shares") to the Placee. The purchase
price of 0.03p per share, set by mutual agreement given that the market price
remains below the Floor Price set out in the Deed, for the settlement amount
of US$125,000 including fees, was previously prepaid by the Placee.

 

Application for Admission:

 

Application has been made for the Placing Shares to be admitted to trading on
AIM with admission expected to take place on or around 13 November 2023. The
Placing Shares will rank pari passu in all respects with all existing ordinary
shares in the Company.

 

Total Voting Rights:

 

Following Admission of the Placing Shares, the Company's enlarged issued share
capital will comprise 9,106,048,984 ordinary shares with voting rights. There
are no Shares currently held in treasury. This figure of 9,106,048,984
ordinary shares 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 Disclosure Guidance and Transparency Rules of the
Financial Conduct Authority.

 

Terms and definitions in this notification are as defined in the notification
of 16 January 2023.

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

 

Contacts:

 

 Tower Resources plc                  +44 20 7157 9625

 Jeremy Asher

 Chairman & CEO

 Andrew Matharu

 VP - Corporate Affairs

 BlytheRay                            +44 20 7138 3208

 Financial PR

 Tim Blythe

 Megan Ray

 SP Angel Corporate Finance LLP       +44 20 3470 0470

Nominated Adviser and Joint Broker

 Stuart Gledhill

 Kasia Brzozowska

 Axis Capital Markets Limited         +44 203 026 2689

Joint Broker

 Richard Hutchison

 Novum Securities Ltd                 +44 20 7399 9400

Joint Broker

 Jon Bellis

 Colin Rowbury

 Panmure Gordon (UK) Limited          +44 20 7886 2500

Joint Broker

 John Prior

 Hugh Rich

 

About Tower Resources

Tower Resources plc is an AIM listed energy company building a balanced
portfolio of energy opportunities in Africa across the exploration and
production cycle in oil and gas and beyond. The Company's current focus is on
advancing its operations in Cameroon to deliver cash flow through short-cycle
development and rapid production with long term upside, and de-risking
attractive exploration licenses through acquiring 3D seismic data in the
emerging oil and gas provinces of Namibia and South Africa, where world-class
discoveries have recently been made.

Tower's strategy is centred around stable jurisdictions that the Company knows
well and that offer excellent fiscal terms. Through its Directors, staff and
strategic relationship with EPI Group, Tower has access to decades of
expertise and experience in Cameroon and Namibia, and its joint venture with
New Age builds on years of experience in South Africa.

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