17th Oct 2025 13:21
(Alliance News) - Tower Resources PLC on Friday reported a subscription to raise GBP550,000, as it aims to fund working capital and commitments on its licences.
The oil and gas company focused on Africa said these commitments include data acquisition in Namibia.
The subscription is for 1.96 billion shares at a price of 0.028 pence, representing an around 15% discount to the closing price on Thursday.
Its shares fell 9.4% to 0.031p on Friday afternoon in London.
Tower Resources said the shares being admitted to AIM in two equal tranches of 982,142,857 shares each, with these anticipated to become effective on or around Thursday next week.
"This is an exciting and very active period for us. Our understanding remains that documentation of our various approvals in Cameroon and Namibia is proceeding as previously disclosed. However, we need to maintain readiness for drilling in Cameroon in Q1 2026, and we also need to keep our work programme on track in Namibia, where our entry to the First Renewal Period has already been approved," said Chair & Chief Executive Jeremy Asher.
"Therefore, we have decided that a small capital raise at this time will aid in supporting these goals and our overall schedule, pending the receipt of farm-out funds."
By Christopher Ward, Alliance News reporter
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