On 22 October 2008 the Company announced the placing of 51.5 million new ordinary shares(‘Placing’). It was stated Mark Savage, a non-Executive Director of the Company, would subscribe for 11,600,000 new shares. Mark Savage is a US citizen and is unable to participate in the Placing. The 11.6 million shares will be subscribed for in full by a business associate of Mark Savage.

Tower Resources’ Directors, Peter Kingston, Peter Taylor, Peter Blakey and Jeremy Asher have participated in the Placing and have subscribed for 1,000,000, 5,800,000, 5,800,000, and 5,800,000 Placing Shares respectively.

The Company has also has become aware that the shareholding of Jeremy Asher, a non executive director of the Company, was incorrectly disclosed in both the announcement of 22 October and in the Company’s audited accounts for the year ended 31 December 2007. At 31 December 2007 and prior to the Placing, Mr Asher, through Agile Energy Limited, was interested in 52,000,000 ordinary shares in the Company.

Following the Placing, the interests of the Directors will be:

  No. of shares % of total enlarged share capital
Mark Savage 100,000,000 17.0
Peter Blakey 58,869,105 10.0
Peter Taylor 58,869,106 10.0
Jeremy Asher* 57,800,000 9.8
Peter Kingston 1,774,545 0.3

*Shares held in the name of Agile Energy Limited

The 51,500,000 new ordinary shares in the Company issued pursuant to the Placing will be admitted to trading on AIM on 28 October 2008. Following admission, the Company’s total issued share capital will comprise of 589,329,422 ordinary shares of 0.1p.