- Oil and gas company Tower Resources plunged Friday after the company said it had raised £1.5 million via deeply discounted equity offering.

The company raised £1.5 million via a placing and subscription of 576,923,077 shares at a price of 0.26 pence per share, representing a discount of 29% to the closing share price on 13 January 2022.

The proceeds of the capital raise would be used to advance the company's portfolio and to cover working capital requirements going forward.

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