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Tower Resources completes acquisition of Wilton Petroleum


Published Oct 3, 2013
Tower Resources awarded new licence in Tanzania

Tower Resources has completed the acquisition of Wilton Petroleum Limited (Wilton), subject to the Admission on the AIM market of the Consideration Shares.

The consideration for Wilton comprises a combination of US$1.75 million cash and 120 million ordinary shares in Tower (the "Consideration Shares"), locked-in for 12 months, which at yesterday's closing price valued Wilton at US$4.3 million.

Graeme Thomson, Tower's CEO, commented: "Under the terms of the Settlement Agreement, announced on 25 September 2013, Wilton has received US$6 million in cash. After estimated taxes the acquisition is, therefore, equivalent to Tower issuing 4.6% of its enlarged issued share capital at a premium of approximately 35% to yesterday's closing price of 1.35p per share. On completion Tower's current cash position will increase by US$4.25 million (before any taxes) to approximately US$18 million".

Tags: Tower Resources plc




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