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Last checked at 
15 Jan 2009 10:52
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Tower Resources plc (the "Company")Β
Β
IncreasedΒ Institutional PlacingΒ
Tower Resources plc, (AIM: TRP), the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia,Β is pleased toΒ announce, in response to continuing institutional interest in the company,Β theΒ institutional placing announced on 12 January has been increased from Β£360,000 to Β£500,000Β before expenses through the placing (the "Placing") ofΒ 25,000,000Β new ordinary sharesΒ (increased from 18,000,000 new ordinary shares)Β of 0.1p each in the Company (the "Placing Shares") with institutional investors at a price of 2 pence per Placing Share.Β
It is intended that the proceeds of the Placing will be used to continue funding the preparation for the second exploration well inΒ Uganda.Β
The Placing utilises the Company's existing authorities, and the Placing Shares equate toΒ 4.1Β per cent of the company's enlarged issued share capital.Β
Following admission to trading on AIM, the Placing Shares, will rank pari passu in all respects with the existingΒ ordinaryΒ shares.Β Tower Resources' total issued and voting share capital will comprise ofΒ 614,329,422Β ordinary shares of 0.1p. It is expected thatΒ allΒ the Placing Shares will be admitted to trading onΒ 20Β January 2009.
Peter Kingston, Executive Chairman of Tower Resources, said:
"The continued good drilling results from Tullow Oil and Heritage Oil in Uganda have raised awareness of our upcoming drilling programme in Block EA5, Uganda, and we are pleased to have received further support for an increased fundraising, especially in the current market.Β "
Enquiries:Β
Tower Resources plc www.towerresources.co.uk
Peter Kingston, Chairman 07802 804852
Blue Oar Securities,Β NOMAD and Broker
Jerry Keen / Andrew Raca 020 7448 4400
Aquila Financial Limited (PR) www.aquila-financial.com
Peter Reilly 0118 979 4100
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