StockMarketWire.com - Africa-focused oil company Tower Resources said it had secured a further extension of its $750k loan facility.

The facility would now be due for repayment on or before 15 August.

The terms of the extension included the issue of 4.5m of five-year warrants with a strike price of 0.35p, being a premium of 11% to the closing price on 30 June.

The reason for the extension was the delay to the completion of an asset sell down in Cameroon, with the timing reflecting Tower's expectation in respect of the first payment into escrow.

The facility also contained a grace period of 21 working days in the event of any further modest delay.


At 9:33am: [LON:TRP] Tower Resources PLC share price was 0p at 0.32p



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