Tower Resources (TRP)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

0.035p
   
  • Change Today:
      0.002p
  • 52 Week High: 0.048
  • 52 Week Low: 0.011
  • Currency: UK Pounds
  • Shares Issued: 17,834m
  • Volume: 1,011,780,100
  • Market Cap: £6.24m
  • RiskGrade: 530

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Tower shores up working capital as it works on Cameroon financing

By Josh White

Date: Tuesday 01 Sep 2020

LONDON (ShareCast) - (Sharecast News) - Africa-focussed oil and gas company Tower Resources has agreed a six-month, $0.5m (£0.37m) loan facility with Shard Merchant Capital, it announced on Tuesday, along with an extension to its Pegasus loan facility and a subscription, to cover its working capital.
The AIM-traded firm said the terms of the Shard facility include the issue of 31,446,541 attached three-year warrants at a strike price of 0.6p, and 5,761,198 shares to pre-pay interest.

It added that it had agreed a six-month extension to its existing $0.75m loan facility with Pegasus Petroleum, as part of which it will issue 47,169,811 attached three-year 0.6p warrants, with Pegasus agreeing to subscribe for 37,854,971 shares to convert the current accrued interest on the facility into shares, and to pre-pay interest.

The total number of shares to be issued in consideration of accrued and prepaid interest for the Shard and Pegasus facilities would be 43,616,169 shares, the board confirmed.

It also announced a subscription, agreed on 28 August, to raise gross proceeds of $0.2m through a subscription of 38,407,989 new shares at a price of 0.393p each, to clients of Shard.

The board said the purpose of the Shard facility, Pegasus extension and the subscription was to cover working capital while the company finalises funding arrangements for the drilling of the NJOM3 well on the Thali licence.

"We are pleased to have agreed this loan facility with Shard, which will provide us with working capital while we complete our asset-level financing for our Cameroon development, and to have made this small placing of shares," said chairman Jeremy Asher.

"I believe that shareholders already know that we are keen to avoid issuing more shares or warrants than necessary at the current share price.

"The new loan facility, and the extension of the existing one, will allow us to avoid issuing more than a small number of shares, and most of those new shares will also reduce our existing debt."

Asher said that, although the loans required the company to issue some warrants, they were at a "significant premium" to the current share price.

"Our intention is that both loan facilities will be repaid when we conclude our asset-level financing for Cameroon, which we are working on at present."

At 0848 BST, shares in Tower Resources were up 1.15% at 0.44p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Tower Resources Market Data

Currency UK Pounds
Share Price 0.035p
Change Today 0.002p
% Change -4.11 %
52 Week High 0.048
52 Week Low 0.011
Volume 1,011,780,100
Shares Issued 17,834m
Market Cap £6.24m
RiskGrade 530

Tower Resources Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
63.12% above the market average63.12% above the market average63.12% above the market average63.12% above the market average63.12% above the market average
67.12% above the sector average67.12% above the sector average67.12% above the sector average67.12% above the sector average67.12% above the sector average
Price Trend
14.03% below the market average14.03% below the market average14.03% below the market average14.03% below the market average14.03% below the market average
28.21% above the sector average28.21% above the sector average28.21% above the sector average28.21% above the sector average28.21% above the sector average
Income Not Available
Growth Not Available

Tower Resources Dividends

No dividends found

Trades for 03-Oct-2024

Time Volume / Share Price
16:29 6,000,000 @ 0.035p
16:24 1,304,789 @ 0.036p
16:24 1,813,025 @ 0.034p
16:21 11,750,000 @ 0.035p
16:17 3,125,842 @ 0.035p

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