Tower settles equity placement; Daytona Energy to sell stock; Crowflight takes in C$11 million

By Stephanie N. Rotondo

Portland, Ore., Sept. 29 - Tower Resources plc brought a £7 million private placement of shares to market Tuesday.

Proceeds will be used for drilling work at the company's Ugandan property. Some insiders participated in the deal.

Meanwhile, Daytona Energy Corp. intends to raise C$5.3 million by privately placing common stock. Funds will be used for work on potential acquisitions, though no targets have been identified at this time.

Crowflight Minerals Inc. and Armistice Resources Corp. both settled first tranches of previously announced transactions. Crowflight took in more than C$11 million of its C$20 million placement, while Armistice raised C$1.17 million in the first closing.

Tower settles equity placement

Tower Resources, a London-based oil and gas company, said it privately sold 350 million ordinary shares to raise £7 million.

The shares were issued at 2p per share.

Some directors of the company participated in the deal, with Peter Taylor subscribing for 20 million shares, Peter Blakely for 17.5 million shares and Jeremy Asher for 24.13 million shares.

Proceeds will be used "to fund the company's share of the proposed second well in Uganda and increase the company's working capital resources," according to a press release.

Tower's stock (London: TRP) closed at 2.5p. Market capitalization is £17.25 million.

Tower Resources has oil and gas resources in sub-Saharan Africa, principally in Uganda and Namibia.

Daytona to issue common stock

Daytona Energy announced a C$5.3 million private placement of common shares in a press release Tuesday.

The company will sell approximately 35.4 million shares at C$0.015 each.

Jacqueline M. Tucker, chief financial officer and director of Daytona, told Prospect News that the pricing was "conditional upon exchange approval."

Proceeds will be used for general corporate purposes and for expenses associated with identifying new asset acquisitions.

Tucker said the company has "not identified any targets at this time, but now we have the funds to look and do due diligence."

Daytona's equity (TSX Venture: DTE) gained 1 cent, or 66.67%, to C$0.025.

Daytona Energy is a Calgary, Alta.-based oil and gas exploration company.

Crowflight takes in C$11 million

Crowflight Minerals settled the first portion of its private placement with Kingplace Enterprises Ltd, bringing in C$11.18 million.

The deal originally priced on Sept. 21 for C$20 million.

In this tranche, Crowflight sold approximately 44.73 million common shares at C$0.25 per share.

Proceeds from the transaction will be used for continued development of the Bucko Lake Project, as well as for general corporate purposes.

The second tranche of C$8.81 million shares is expected to close in October.

Crowflight's shares (Toronto: CML) ended unchanged at C$0.195. Market capitalization is C$83.6 million

Crowflight Minerals is a Toronto-based nickel exploration company.

Armistice seals first tranche

Armistice Resources also completed the first tranche of a previously announced private placement, taking in approximately C$1.17 million.

The deal originally priced on Sept. 28.

In this closing, the company sold approximately 1.98 million units at C$0.14 each and approximately 5.97 million flow-through units at C$0.15 each.

The regular units contained one common share and one half-shares warrant. Whole warrants are exercisable at C$0.20 for the first year and at C$0.50 for the second.

The flow-through units consisted of one flow-through share and one-half share warrant. The warrant terms are the same as the regular units.

Proceeds from the flow-through units will be used for exploration and development of the company's McGarry project. Proceeds from the regular units will be used tor exploration, general corporate purposes and working capital.

Settlement on the second and final tranche is expected by Oct. 15.

Calls made to the company seeking comment went unreturned Tuesday.

Armistice's stock (Toronto: AZ) dipped a penny, or 6.67%, to C$0.14. Market capitalization is C$9.29 million.

Armistice Resources is a Toronto-based gold exploration company.

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