Tower Resources intends to raise gross proceeds of about £1.03m via a non-brokered subscription for about 45.9m new shares at a placing price of 2.25p per share.
In addition, in order to provide shareholders the opportunity to subscribe for share at the placing price, Tower intended to make an open offer to all qualifying UK shareholders shortly following Admission to raise up to £0.56m at 2.25p each.
The placing was not conditional upon the open offer.
The open offer would be subject to shareholder approval.
Same time, Tower posted an H1 pretax loss of $1.9m, much reduced from the prior same period's $5.4m. Revenue was nil.