Tower Resources raises £1m in placing

Africa-focused oil and gas exploration company Tower Resources announced on Thursday that it has successfully placed 45,919,084 new ordinary shares, and raised gross proceeds totaling £1.03m at a placing price of 2.25p per share.

The AIM-traded firm said that as part of the placing, chairman Jeremy Asher and other directors have subscribed for a combined total of 14,111,112 new ordinary shares to raise proceeds of £317,500.

“In addition, a total of 1,795,382 new ordinary shares have today been issued to certain directors and a former director in lieu of fees foregone,” the company said in a statement.

“Following the issue of these shares and the placing shares the directors' will hold 25.1% of the enlarged issued share capital.”

The company said that once admission takes place, the company's enlarged issued share capital will comprise 75,803,421 ordinary shares.