StockMarketWire.com - Tower Resources said it would raise short-term financing of up to $750k via a bridging loan as it attempts to bed down funding for prospects in Cameroon.

The loan would be raised on terms to be confirmed, including an expected issue of warrants to the lender, Tower said.

The company is planning to use a combination of bank financing and own or partner equity to fund the first phase of development at the Njonji prospect, including the proposed NJOM3 well.

It had for several months been discussing a loan facility with a 'prominent African bank', for the Njonji development of $15m, which could be extended to $50m.

'The company is still hopeful that such a facility may be in place by mid-May,' Tower Resources said.

'With or without such a facility, the company has also been holding discussions with several possible partners for the Thali license, which the company also hopes may be concluded in that time frame.'

'Any one of these options, or a combination of them, could provide the additional funds required to complete the current well.'


At 8:20am: [LON:TRP] Tower Resources PLC share price was +0.16p at 0.88p



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