StockMarketWire.com - Tower Resources' shares have been suspended on AIM at its request pending clarification of its financial circumstances, with the company adding it was mulling options that included a possible appointment of administrators.

The board confirmed it had been in advanced discussions with a potential partner in relation to the company's Thali asset.

"Unfortunately, despite significant time and effort on the part of Tower and the other party, a final deadline for signature of a Heads of Agreement that would have triggered a non-refundable deposit to Tower, which was set for 11 May 2017, has been missed," the company said.

Tower Resources noted in September 2016 that the proceeds of the placing and open offer undertaken at that time would provide cash reserves through Q1 2017.

"As this above-referenced transaction has not been concluded, the financial condition and prospects of the Company have deteriorated leading to significant uncertainty and in order to minimise forward outgoings current employees have been provided with notice of termination of their employment.

"Consequently the board is now considering alternatives for the company, one of which may include the appointment of administrators, and a further update will be made as soon as practicable."





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