Tower Resources PLC (AIM:TRP) has notified investors of a £137,500 investment in the company, including by its chief executive Jeremy Asher.
Via subscription, some 1.195 million shares priced at 0.0115p, a 4% discount, are being bought by Asher and another investor.
Proceeds from the equity sale are earmarked for near-term working capital and to progress work on the company's licenses.
"This subscription reflects my personal confidence in the company and my desire to purchase additional shares at this exciting moment for us,” Asher said.
“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."