Tower Resources PLC - Africa-focused oil and gas company - Raises GBP2.3 million in a conditional placing of 4.6 million shares at a price of 0.05p each, a 56% discount to Monday's closing price in London of 0.11p. Says it will use the funds for preparation of drilling of the Njom-3 well, including associated services payments, and as working capital. "A portion of the funds raised will also be used to advance the company's other 2023 work programs in Namibia and South Africa, including the ongoing basin modelling work currently underway on the company's Namibian license PEL 96," Tower says.
Chief Executive Officer says: "This placing moves us a step further towards our work programme commitments in both Cameroon and Namibia, and we are glad that our progress continues to be supported by new and existing shareholders."
Current stock price: 0.053 pence each, down 54% on Tuesday afternoon in London
12-month change: down 83%
By Xindi Wei, Alliance News reporter
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Tower Resources (TRP)