StockMarketWire.com - Africa-focused oil company Tower Resources sad it had agreed a six-month loan facility of $0.5m with Shard Merchant Capital and would also raise $0.2m from a share issue.
In addition, Tower Resources said it had agreed a further six-month extension to its existing $0.75m loan facility with Pegasus Petroleum.
For the $0.2m raising, new shares in the company would be offered at 0.393p each.
Tower Resources said the funds would cover working capital while it finalised funding arrangements for the drilling of the NJOM3 well on the Thali licence offshore Cameroon.
Story provided by StockMarketWire.com
Shares Magazine

Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events

Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.