Tower Resources raises new cash to help fund Uganda work
22 October 2008
Oil and gas explorer Tower Resources has raised just over £1 million in a share placing to fund it operations down in Uganda and Namibia.
In particular the new cash has been earmarked for additional working capital and to help secure a farm in partner for the company’s project in Uganda.
The company placed 51,500,000 shares of 0.1p each with directors and institutional investors at a price of 2p per share. Tower Resources directors Peter Kingston, Peter Taylor, Peter Blakey, Jeremy Asher and Mark Savage all participated.
Kingston said the company was “delighted” by the institutional interest generated by its broker Blue Oar, as part of the fundraising.
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