Jeremy Asher has paid 1p apiece for 15mln shares, taking his total holding to just shy of 15%.
The subscription doesn’t affect the terms of a £590,000 (US$750,000) bridging loan due for repayment at the end of the month, Tower said.
The cash injection will keep the business ticking over while bosses continue with talks regarding the financing of the NJOM-3 well on the Thali licence, offshore Cameroon.
The well is due to be spudded in the third quarter (July-September) and Tower is hopeful that the discussions with “several parties” will be concluded soon.
Looking for an industry partner
Its preference is to find an industry partner that will finance some or all of the exploration costs whilst still leaving Tower shareholders with a decent stake in the project.
The company is also continuing to explore longer-term options for debt, equity or pre-financing of the remainder of the first phase development of the Njonji structure, which might or might not be linked to the financing of the current well.
Tower added that it would try to “minimise the need for further equity funding”, but recognised that this may also be necessary or may be in shareholders’ interests.