9
February 2024
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 396,825,397
ordinary shares of 0.001p each ("Placing Shares") to the Placee. The
purchase price of 0.021p 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$105,000 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 14 February 2024. 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
13,304,851,917 ordinary shares with voting rights. There are no
Shares currently held in treasury. This figure of 13,304,851,917
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:
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Tower Resources plc
Jeremy Asher
Chairman & CEO
Andrew Matharu
VP
- Corporate Affairs
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+44
20 7157 9625
|
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BlytheRay
Financial PR
Tim Blythe
Megan Ray
|
+44
20 7138 3208
|
|
|
|
|
SP
Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Stuart Gledhill
Caroline Rowe
Kasia Brzozowska
|
+44
20 3470 0470
|
|
Axis
Capital Markets Limited
Joint Broker
Richard Hutchison
|
+44
203 026 2689
|
|
|
|
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Novum Securities Ltd
Joint Broker
Jon Bellis
Colin Rowbury
|
+44
20 7399 9400
|
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Panmure Gordon (UK) Limited
Joint Broker
John Prior
Hugh Rich
|
+44
20 7886 2500
|
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.