Tower Resources PLC (AIM:TRP) confirmed it has raised £280,000 through a share subscription, pricing new shares at 0.028p each,
Proceeds will be used for working capital, and this raise follows a £550,000 subscription announced in October.
Chief executive Jeremy Asher said investor interest had continued after last month’s raise.
“In the circumstances, we felt it was prudent to accept these further funds and bolster our working capital position as we move forward with our various work programmes,” he said
Asher added that the company was progressing discussions in Cameroon following the recent presidential election, as the exploration company continues to progress towards the start of drilling at the NJOM-3 well.
"The government in Cameroon is getting back to work following the recent Presidential election, which resulted in a historic eighth term in office for President Paul Biya, who has already indicated his support for our Thali project, with our Managing Director in Cameroon attending his recent inauguration," Asher commented.
"I will be visiting Cameroon again this week to oversee the progress on our documentation, and to hear at first hand the government's plans to stimulate further investment in our sector."