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hapax legomenon

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4 minutes ago, hapax legomenon said:

Nice one, this you? :)

image.thumb.png.21eef19b7d1e44543c3d55286535d10d.png

nah I only bought 250k shares, I look at too many markets as it is without going into AIM too much but it's quite entertaining cos it reminds me of the old .com days lol

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hapax legomenon

Nice. Directors have taken warrants instead of cash payment. They would not do that if they expected the price to be where it is right now.

image.png.d008ba93e10a5476d4cdeb6dd1c3ee8a.png

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Sasquatch

I've just bunged £1,000 fiat against this lot (in my SIPP) . They've better get out there and do some more exploring.

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hapax legomenon

Up and down like a fiddlers elbow this one. 25% up for no reason today

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hapax legomenon

Funny time to release an RNS but what an RNS. Cameroon almost fully funded now, could be transformational.

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14 hours ago, hapax legomenon said:

Funny time to release an RNS but what an RNS. Cameroon almost fully funded now, could be transformational.

Bought first thing this morning but looks like already had shot up a little. Oh well !! I'm down 7% and its up 17% on the day. xD

Still will hold on for the ride

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hapax legomenon
1 hour ago, ccc said:

Bought first thing this morning but looks like already had shot up a little. Oh well !! I'm down 7% and its up 17% on the day. xD

Still will hold on for the ride

Hoping once the drill is fully funded this will start to fly

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2 hours ago, hapax legomenon said:

Hoping once the drill is fully funded this will start to fly

I've only looked a little into it - but everything seems to be going the right way. It is Africa though so risks abound. 

Thanks for the general info. 

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Lightly Toasted

Dilution in order to fund the test drilling:

Tower Resources has announced a Placing to raise gross proceeds of GBP500,000.

Jeremy Asher, Tower's Chairman & CEO, said:

'We have carried out this small placing to mitigate the risk of running low on cash as we seek to complete our well financing. We have kept the placing small because we do not like issuing shares at our current share price, given the superior economics for our shareholders of farming out on our agreed terms. Nevertheless, we felt that it was prudent to have some cash cushion at this time.'

Tower Resources announced March 2 that it has executed binding heads of terms ('HoT') in respect of a farm-out to OilLR Pty Ltd ('OilLR'), a private company incorporated in Brisbane, Queensland, of a 24.5% working interest in its Thali Production Sharing Contract ('PSC') offshore Cameroon. The farm-out covers US$7.5 million towards the cost of the NJOM-3 well that Tower is planning to drill on the Thali block.

The Company said that it is still in discussion with several other parties regarding the farm-out of up to a further 24.5% interest in the Thali PSC on similar terms.

 

CEO Jeremy Asher is presumably confident:

 

Related Party Transaction

The participation of Jeremy Asher constitutes a related party transaction in accordance with AIM Rule 13. Accordingly, Dr Mark Enfield and Paula Brancato, acting as the independent Directors, consider, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of Jeremy Asher's participation in the Placing 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 Placing and subscription. 

 

Holding prior to the announcement of Placing

Number of Placing Shares acquired pursuant to the Placing

Immediately following Admission of the Placing Shares

 

Number of Ordinary Shares

% of issued share capital

Number of Ordinary Shares

Number of Ordinary Shares

% of issued share capital

% of fully diluted share capital

Jeremy Asher*

368,746,465

13.7

142,857,143

511,603,608

14.4%

21.5%

Dr Mark Enfield†

1,877,546

0.1

-

1,877,546

 

 

Paula Brancato#

-

-

-

-

-

-

* 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

† All of  these shares are held by Geoscience Equity Ltd of which Mark Enfield is the beneficial owner

# Independent Director

 

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