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Tower Resources Raises Equity; Nears Securing Approvals for Namibia, Cameroon Deals

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Tower Resources (TRP.L) said Wednesday it raised 400,000 pounds sterling through a subscription offer of 2.5 billion shares at 0.00016 pound per share.

The Africa-focused oil and gas company plans to use the proceeds as additional working capital as it nears finalizing farm-out deals with Prime Global Energies in Namibia and Cameroon.

In Namibia, the company said it has completed the payment processes and documentation and expects to receive government approval soon. The company noted that the approval process in Cameroon is "also moving forward in the right way."

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