Tower Resources PLC (LON:TRP) continues to work on an extension to a bridge loan facility, with agreements made with the majority of the facility’s lenders but two of the lenders still in discussions.
Consequently the company will continue efforts to secure an extension.
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In a stock market statement, Tower said: “The company has no reason to believe they would not agree with the position of the other facility lenders, and will confirm the terms of the extension when they are agreed with all the facility lenders.
“The purpose of the extension is to complete other financing discussions, which are currently in progress.
“The company continues to manage its limited cash resources carefully as these discussions are progressed.”
In the meantime, Tower noted that the bridging loan facility will continue to have a preferential right of repayment from any future financing in excess of $750,000. It remains secured by the company with interest due of 1% per month, accrued and paid on repayment, along with a fixed and floating charge over the company's assets.