By Devika Patel
Knoxville, Tenn., Oct. 22 - Tower Resources plc said it has raised £1.03 million in a private placement of shares.
The company sold 51.5 million ordinary shares at 2p per share.
Proceeds will be used for additional working capital and to fund the future development of the company through securing a farm in party for the company's project in Uganda.
London-based Tower Resources is an oil and gas exploration company.
| Issuer: | Tower Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £1.03 million
|
| Shares: | 51.5 million
|
| Price: | 2p
|
| Warrants: | No
|
| Settlement date: | Oct. 22
|
| Stock symbol: | London: TRP
|
| Stock price: | 2.74p at close Oct. 22
|
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