Tower Resources PLC (AIM:TRP) has raised £275,000 of additional capital, issuing further new shares in response to investor demand.
The latest share subscription – some 1.01 billion shares priced at 0.027p each, a 3.6% discount – comes after a successful $14 million funding announced last month.
In a stock market statement, Tower said many of the investors participating in the latest subscription are existing shareholders. The raise was via Tower’s broker, Axis Capital Markets.
Proceeds will support the company’s working capital and its operational commitments.
"Since our update of 16 October 2024, we have made a good deal of progress on the detailed points of the Cameroon farm-out that remain under negotiation, and the other various discussions we have underway, including future bank financing,” chief executive Jeremy Asher said in a statement.
“We are very happy that both existing and new investors wish to support the company at this crucial time and to participate in our future success."