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Tower Resources Plc Announces Completion Of Wilton Petroleum Acquisition


Tuesday, 1 Oct 2013 02:00am EDT 

Tower Resources Plc announced the completion of 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 USD1.75 million cash and 120 million ordinary shares in Tower (the Consideration Shares), locked-in for 12 months, which at September 30th's closing price valued Wilton at USD4.3 million. Under the terms of the Settlement Agreement, Wilton has received USD6 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 September 30th's closing price of GBP0.0135 per share. On completion Tower's current cash position will increase by USD4.25 million (before any taxes) to approximately USD18 million. 

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30 Jan 2015