- Tower Resources launched a share placing to raise £0.5m to provide working capital while it completes a planned partial sale of a prospect offshore Cameroon.

News shares in the company were being offered at 0.375p each.

'We have carried out this small placing to mitigate the risk of running low on cash as we seek to complete our well financing,' chairman and chief executive Jeremy Asher said.

'We have kept the placing small because we do not like issuing shares at our current share price, given the superior economics for our shareholders of farming out on our agreed terms.'

'Nevertheless, we felt that it was prudent to have some cash cushion at this time.'

At 9:18am: [LON:TRP] Tower Resources PLC share price was -0.05p at 0.38p

Story provided by