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Tower Resources raises £325,000 to fund Namibia and Cameroon farm-out deals nearing completion

Company Fundamentals
24 Aug 2026
Proactive Investors
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Bullish
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Tower Resources PLC has raised £325,000 by issuing 2.36 billion shares at a slight discount to support ongoing farm-out transactions in Namibia and Cameroon. These deals are expected to unlock further funding, with Namibia's PEL 96 licence almost fully assigned to Prime Global Energies pending final ministerial approval. In Cameroon, the approval is awaiting presidential execution, with President Paul Biya reportedly already approving the request. The new funds will bridge operations until the larger payments under the farm-out agreements are received, enabling continued work on exploration projects including the Thali NJOM-3 well.

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