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LONDON (Alliance News) - Tower Resources PLC on Friday said Pegasus Petroleum Ltd has agreed to assign 50% of a bridging loan to clients of its joint broker.
Pegasus Petroleum is beneficially owned by Tower Resources Chair Jeremy Asher, which agreed to assign USD375,000 of the loan to clients of broker Turner Pope Investments Ltd with 45.0 million of the five-year warrants priced at 1.0 pence per share assigned to them in proportion to their participation in the facility.
On Tuesday, Tower Resources agreed a USD750,000 bridging loan with a single lender with the loan terms including the issue of 90 million attached five-year warrants.
Shares in Tower Resources closed down 5.1% at 0.90 pence on Friday.
