Tower Resources raises £0.55m to support work in Africa
By Josh White
Date: Friday 17 Oct 2025
(Sharecast News) - Tower Resources announced on Friday that it has raised £0.55m through a discounted share subscription to support ongoing work commitments and data acquisition across its African oil and gas licences.
The AIM-traded explorer said it had issued 1.96 billion new ordinary shares at 0.028p each, representing a discount of about 15% to its closing bid price on 16 October.
It said the proceeds would be used for general working capital and to advance exploration activity, including preparations for drilling in Cameroon and continued data work in Namibia.
Broker Axis Capital Markets arranged the subscription and would receive warrants over 49.1 million new shares, exercisable at 0.056p per share - double the subscription price - for a period of three years.
Tower said the new shares would be admitted to trading on AIM in two equal tranches, with the first due to commence on or around 23 October and the second on 31 October.
Following admission, the company's issued share capital would total about 31.28 billion shares.
Chairman and chief executive Jeremy Asher said the fundraising came at an important stage for the company's exploration programme.
"This is an exciting and very active period for us," he said.
"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 the first quarter of 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.
"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."
Following the issue of the broker warrants, Tower said it would have a total of around 1.62 billion warrants outstanding, representing 4.5% of its enlarged share capital on a fully diluted basis.
At 1005 BST, shares in Tower Resources were down 14.41% at 0.03p.
Reporting by Josh White for Sharecast.com.
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