5 November 2013
Tower Resources plc
Issue of Equity to P.D.F. Limited
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, is pleased to announce the following issue of equity, subject to the Admission on the AIM market, to P.D.F. Limited ("PDF").
Tower has agreed to issue 1,805,702 Ordinary Shares in the capital of the Company ("Ordinary Shares") to PDF, the company's Outsourced Exploration Department (OE-xD™), in part payment for services provided during the calendar quarter ending 30 September 2013 as part of a previously announced quarterly contractual arrangement. The new Ordinary Shares will be issued at a price of 1.29p per share representing the average share price of the last 10 days of the calendar quarter ending 30 September 2013. The shares will rank pari passu in all respects with the Company's existing Ordinary Shares and application has been made for the new Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange. Dealings are likely to commence at 8:00am on Friday 8 November 2013.
PDF now holds a total of 12,105,509 Ordinary Shares in Tower representing 0.46% of the issued share capital.
Following admission of the new shares and in accordance with Disclosure and Transparency Rules, the Company's issued ordinary share capital will be comprised of 2,638,318,217 Ordinary Shares of 0.1 pence each with voting rights.
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 9570
