Tower Resources to Raise Funds Via Share Subscription Amid Delay in African Farm-out Deals

07:44 AM EST, 11/02/2026 (MT Newswires) -- Tower Resources (TRP.L) plans to raise 325,000 pounds sterling through a subscription of 2.50 billion ordinary shares at 0.00013 pound apiece, according to a Monday filing. Admission of the initial 1,005,000,000 subscription shares to the London bourse's AIM segment is expected on Friday, with the listing of the remaining 1,495,000,000 shares to follow on Nov. 16. The oil and gas company will use the proceeds as additional working capital after its farm-out deals in Cameroon and Namibia with Prime Global Energies failed to close in October. It added that it has provided the requested details for the Cameroon agreement to the Minister of Mines, Industry and Technological Development, while amendments to the Namibian contract are awaiting partner signatures before submission to the Minister of Mines, Industries and Energy.