Share Name Share Symbol Market Type Share ISIN Share Description
Tower Resources Plc LSE:TRP London Ordinary Share GB00BZ6D6J81 ORD GBP0.00001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.045 -10.98% 0.365 0.35 0.38 0.41 0.365 0.41 241,862 10:32:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -3.8 -1.0 - 2

Tower Resources PLC Completion of Subscription and Director's Dealings

21/06/2019 7:30am

UK Regulatory (RNS & others)


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RNS Number : 9556C

Tower Resources PLC

21 June 2019

THIS 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.

This 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.

21 June 2019

Tower Resources plc

Completion of Subscription and Director's Dealings

Tower 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, further to the Company's announcement earlier today outlining the proposed subscription (the "Subscription") for 15 million new Ordinary Shares (the "Subscription Shares"), the Company has successfully placed 15,000,000 new Ordinary Shares and raised gross proceeds totalling GBP150,000 at a Subscription Price of 1.00 pence per share. The Subscription Price of 1.00 pence per share represents a premium of 17.6% to the closing mid-price on 20 June 2019.

As previously disclosed, the purpose of the Subscription is principally to fund working capital requirements as financing negotiations for the Thali license and drilling of the NJOM-3 well scheduled for Q3 2019 continue.

Pursuant to the Subscription, Jeremy Asher, Chairman and CEO, has entered into an Agreement (the "Subscription Agreement") to subscribe for 15 million new Ordinary Shares in the Subscription for GBP150,000 as detailed below.

The participation of Jeremy Asher (the "Director Related Party") constitutes a related party transaction in accordance with AIM Rule 13. Accordingly, Peter Taylor and David M Thomas, acting as the independent Directors, consider, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the Director Related Party participation in the Subscription is fair and reasonable insofar as the Company's shareholders are concerned.

The following table sets out the Directors' shareholdings and percentage interests in the issued share capital of the Company following completion of the subscription.

 
                             Holding prior               Number of           Immediately following Admission 
                          to the announcement           Subscription            of the Subscription shares 
                        of Proposed Subscription       Shares acquired 
                                                          pursuant 
                                                     to the Subscription 
                               Number        % of              Number of    Number of       % of      % of fully 
                          of Ordinary      issued               Ordinary     Ordinary     issued   diluted share 
                               Shares       share                 Shares       Shares      share         capital 
                                          capital                                        capital 
                     ----------------  ----------  ---------------------  -----------  ---------  -------------- 
 Jeremy Asher(*)           70,891,495        12.5             15,000,000   85,891,495       14.8             9.6 
                     ----------------  ----------  ---------------------  -----------  ---------  -------------- 
 Peter Taylor              18,451,726         3.3                      -   18,451,726        3.2             2.1 
                     ----------------  ----------  ---------------------  -----------  ---------  -------------- 
 David M Thomas(#)                  -           -                      -            -          -               - 
                     ----------------  ----------  ---------------------  -----------  ---------  -------------- 
 

* 1,805,308 of these shares are held by Agile Energy Limited, which is owned by the Asher Family Trust of which Jeremy Asher is a lifetime beneficiary

(#) Independent Director

SHARE CAPITAL FOLLOWING THE PLACING AND SUBSCRIPTION

Application has been made for the Subscription Shares to be admitted to trading on AIM. It is expected that Admission of the Shares will become effective and that dealings will commence at 8.00 a.m. on or around 26 June 2019.

Following admission of the Subscription Shares, the Company's enlarged issued share capital will comprise 580,716,052 Ordinary Shares of 1.0 pence each with voting rights in the Company. 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 the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

IMPORTANT NOTICE

This announcement does not constitute or form part of any offer or invitation to purchase, or otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security in the capital of the Company in any jurisdiction.

The information contained in this announcement is not to be released, published, distributed or transmitted by any means or media, directly or indirectly, in whole or in part, in or into the United States or to any US Person. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to any US Person. Securities may not be offered or sold in the United States absent: (i) registration under the Securities Act; or (ii) an available exemption from registration under the Securities Act. The securities mentioned herein have not been, and will not be, registered under the Securities Act and will not be offered to the public in the United States.

This announcement does not constitute an offer to buy or to subscribe for, or the solicitation of an offer to buy or subscribe for, Ordinary Shares in the capital of the Company or any other security in any jurisdiction in which such offer or solicitation is unlawful. The securities mentioned herein have not been, and the Ordinary Shares will not be, qualified for sale under the laws of any of Canada, Australia, the Republic of South Africa or Japan and may not be offered or sold in Canada, Australia, the Republic of South Africa or Japan or to any national, resident or citizen of Canada, Australia, the Republic of South Africa or Japan. Neither this announcement nor any copy of it may be sent to or taken into the United States, Canada, Australia, the Republic of South Africa or Japan. In addition, the securities to which this announcement relates must not be marketed into any jurisdiction where to do so would be unlawful.

Note regarding forward-looking statements

This announcement contains certain forward-looking statements relating to the Company's future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as "targets" "estimates", "envisages", "believes", "expects", "aims", "intends", "plans", "will", "may", "anticipates", "would", "could" or similar expressions or the negative of those, variations or comparable expressions, including references to assumptions.

The forward-looking statements in this announcement are based on current expectations and are subject to risks and uncertainties which could cause actual results to differ materially from those expressed or implied by those statements. These forward-looking statements relate only to the position as at the date of this announcement. Neither the Directors nor the Company undertake any obligation to update forward-looking statements, other than as required by the AIM Rules for Companies or by the rules of any other applicable securities regulatory authority, whether as a result of the information, future events or otherwise. You are advised to read this announcement and the information incorporated by reference herein, in its entirety. The events described in the forward-looking statements made in this announcement may not occur.

Neither the content of the Company's website (or any other website) nor any website accessible by hyperlinks on the Company's website (or any other website) is incorporated in, or forms part of, this announcement.

Any person receiving this announcement is advised to exercise caution in relation to the Placing. If in any doubt about any of the contents of this announcement, independent professional advice should be obtained.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Contacts

 
 Tower Resources plc             info@towerresources.co.uk 
 Jeremy Asher 
  Chairman and CEO 
 
   Andrew Matharu 
   VP - Corporate Affairs 
 
 SP Angel Corporate Finance 
  LLP 
  Nominated Adviser and Joint 
  Broker                         +44 20 3470 0470 
 Stuart Gledhill 
  Caroline Rowe 
 
 Turner Pope Investments 
  (TPI) Limited 
  Joint Broker 
  Andy Thacker                   +44 20 3621 4120 
 Whitman Howard Limited 
  Joint Broker 
  Nick Lovering                  +44 20 7659 1234 
 Yellow Jersey PR Limited        +44 20 3735 8825 
 Tim Thompson 
 

Notes:

Tower Resources Cameroon S.A, a wholly-owned subsidiary of Tower Resources plc, holds a 100% interest in the shallow water Thali (formerly known as "Dissoni") Production Sharing Contract (PSC), in the Rio del Rey basin, offshore Cameroon. Tower was awarded the PSC on 15 September 2015 for an Initial Exploration Period of 3 years.

The Thali PSC covers an area of 119.2 km(2), with water depths ranging from 8 to 48 metres, and lies in the prolific Rio del Rey basin, in the eastern part of the Niger Delta. The Rio del Rey basin has, to date, produced over one billion barrels of oil and has estimated remaining reserves of 1.2 billion barrels of oil equivalent ("boe"), primarily within depths of less than 2,000 metres. The Rio del Rey is a sub-basin of the Niger Delta, an area in which over 34.5 billion barrels of oil has been discovered, with 2.5 billion boe attributed to the Cameroonian section.

An independent Reserve Report conducted by Oilfield International Limited (OIL) have highlighted the contingent and potential resources on the Thali licence and the associated Expected Monetary Value (EMV) as follows:

-- Gross mean contingent resources of 18 MMbbls of oil across the proven Njonji-1 and Njonji-2 fault blocks;

-- Gross mean prospective resources of 20 MMbbls of oil across the Njonji South and Njonji South-West fault blocks;

-- Gross mean prospective resources of 111 MMbbls of oil across four identified prospects located in the Dissoni South and Idenao areas in the northern part of the Thali licence;

-- Calculated EMV10s of US$118 million for the contingent resources, and US$82 million for the prospective resources, respectively.

In accordance with the guidelines for the AIM market of the London Stock Exchange, Dr Mark Enfield, BSc, PhD, FGS, Advisor to the Board of Tower Resources plc, who has over 30 years' experience in the oil & gas industry, is the qualified person that has reviewed and approved the technical content of this announcement.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name:                              Jeremy Asher 
     ---------------------------------  ------------------------------------------ 
 2.   Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status:                   Chairman and Chief 
                                          Executive Officer 
     ---------------------------------  ------------------------------------------ 
 b)   Initial notification/Amendment:    Initial notification 
     ---------------------------------  ------------------------------------------ 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name:                              Tower Resources PLC 
     ---------------------------------  ------------------------------------------ 
 b)   LEI:                               2138002J9VH6PN7P2B09 
     ---------------------------------  ------------------------------------------ 
 4.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ----------------------------------------------------------------------------- 
 a)   Description of the financial       Ordinary Shares of 
       instrument, type of instrument:    1 pence each 
       Identification code:               GB00BZ6D6J81 
     ---------------------------------  ------------------------------------------ 
 b)   Nature of the transaction:         Subscription shares 
     ---------------------------------  ------------------------------------------ 
 c)   Price(s) and volume(s):             Price(s)      Volume(s) 
                                           1.00 pence    15,000,000 
                                                        ----------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              1.00 pence    15,000,000 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           21 June 2019 
                                          07:15 BST 
     ---------------------------------  ------------------------------------------ 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
     ---------------------------------  ------------------------------------------ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 21, 2019 02:30 ET (06:30 GMT)

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