Tower Resources plc, the AIM-listed oil and gas company focused on Africa , is pleased to announce a subscription for 1,195,652,174 ordinary shares of 0.001p each (the "Subscription Shares") at a price of 0.0115p per Subscription Share (the "Subscription"), representing a discount of approximately 4% to the closing bid price of the Company's shares on 5 June 2024.
The Subscription has been arranged with the Company's Chairman and CEO, Jeremy Asher, and another investor.
The proposed Subscription is being made to fund near term working capital and to progress work on the Company's licenses; including the Thali PSC, offshore Cameroon , PEL 96 in Namibia , and the Algoa-Gamtoos license in South Africa . Further details are set out below.
Tower Resources Chairman & CEO, Jeremy Asher, commented:
"This subscription reflects my personal confidence in the Company and my desire to purchase additional shares at this exciting moment for us. I am pleased that an investor, introduced by one of our brokers, shared the same view and also wanted to invest additional money into the Company at this time. Our focus remains on the successful completion of our current asset-level financing discussions and the execution of the NJOM-3 well, which we expect to drill later this year."
