10 January 2012
Watson, Farley & Williams LLP (“WFW”), a leading international law firm, is pleased to announce that it recently advised Tower Resources Limited (“Tower”), the AIM listed company with exploration assets in offshore Namibia and Uganda, on an £8m Standby Equity Distribution Agreement (“SEDA”) and a US$3.125 million SEDA-backed Loan Agreement (“Loan Agreement”) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC (“Yorkville”), in order to provide flexibility over future funding, and in part to fund the costs of drilling the third and final commitment well, Mvule-1 on Tower’s EA5 licence area in Uganda.
Jan Mellmann, Head of WFW’s Natural Resources sector, led the team for WFW and was assisted by Corporate solicitor Ben James.
Jan Mellmann comments: “This is a significant development for Tower and we were very pleased to have been asked to assist. The transaction was put together in a concentrated timeframe over the holiday period and represents a very good start to 2012 for Tower, as well as WFW’s thriving Natural Resources practice.”
Peter Kingston, Chief Executive Officer of Tower, comments: “The WFW team have demonstrated their skill and versatility in providing specialist knowledge in facilitating this innovative financial package. This is the sort of contribution from advisers which is so beneficial to smaller companies.”