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Tower Resources Plc extends bridging loan as farm-out deal looms

The bridging loan provided working capital whilst the company worked on alternative longer-term funding options.

oil and gas operations
The plan is to drill the NJOM 3 well in the coming months

Tower Resources PLC (LON:TRP) has extended its bridging loan facility with repayment now moving out to 31 August.

It represents a two month extension from the original repayment date.

The facility, for US$750,000, has allowed the company to cover its working capital whilst longer term funding arrangements are put in place to enable the drilling of the NJOM3 well on the Thali licence. 

Tower is progressing farm-out discussions for the asset as well as seeking a refinancing. In the meantime, the company said it continues to manage its limited cash resources carefully.

To secure the loan extension Tower agreed to issue 3mln share warrants, allowing the potential issue of equity over the next five years at a strike price of 1p per share.

Quick facts: Tower Resources PLC

Price: 0.3899 GBX

AIM:TRP
Market: AIM
Market Cap: £2.94 m
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