Tower Resources plc, (AIM: TRP), the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, announces today that Astaire Securities has raised £7,000,000 before expenses through a placing with institutional and other investors including certain Directors of the Company (the "Placing") of 350,000,000 new ordinary shares of 0.1p each in the Company ("Ordinary Shares") (together the "Placing Shares") at a price of 2 pence per Placing Share.

It is intended that the proceeds of the Placing will be used to fund the Company’s share of the proposed second well in Uganda and increase the Company’s working capital resources.

Of the Tower Resources Directors, Peter Taylor, Peter Blakey and Jeremy Asher have participated in the Placing and have subscribed for 20,000,000, 17,500,000, and 24,133,333 Placing Shares, respectively.

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