Tower Resources, the AIM-listed oil and gas company focused on Africa, announces a subscription of 1,704,545,454 ordinary shares of 0.001p each at a price of 0.022p per Subscription Share, being at a discount of approximately 8% to the closing bid price of the Company's shares on 27 January 2026.

The Subscription is being made to fund working capital while the Company waits for the approval documentation required to complete its agreed farm-outs in Cameroon and Namibia.

The Company has agreed to issue the broker, Axis Capital Markets Limited, warrants over 42,613,636 new ordinary shares for arranging the Subscription ("Broker Warrants"). The period of the Broker Warrants will be three years at a strike price of 0.044p per share (representing a premium of 100% to the Subscription Price).

Share Capital following the Subscription

The Subscription Shares will rank pari passu with the Company's existing shares. Application has been made for the Subscription Shares to be admitted to trading on AIM and it is expected that Admission of the Subscription Shares will become effective and that dealings will commence at 8.00 a.m. on or around 4 February 2026.

Following admission of the Subscription Shares, the Company's enlarged issued share capital will comprise 33,984,541,161 Ordinary Shares of 0.001p each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Warrants and Options in Issue

Following the issue of the Broker Warrants, the total number of warrants in issue is 1,667,509,649 equating to 4.3% of the Company's enlarged share capital assuming full exercise of all warrants, options and restricted shares.

Tower Resources Chairman & CEO, Jeremy Asher, commented:
"During my visit to Cameroon in November, made together with our intended partners Prime Global Energies Limited following the announcement of the Presidential election result, we were received by both the Prime Minister and the Director of Civil Cabinet at the Office of the Presidency. They confirmed our understanding, previously disclosed to investors, that the President supports our project, and the approvals will be processed when the new government is in place. Since that visit, we have been waiting for the new cabinet to be announced, so that the documents can be processed by the newly installed officials. In his New Year's speech, the President said the announcement would take place in "days", so we do expect it at any time.

"Since the holidays, we have also been contacted by the Namibian national oil company NAMCOR to confirm the resumption of their due diligence work and documentation for the additional farm-out agreement with Prime for our PEL96 licence.

"In the meantime, we have been working on financing options for the next phase of development for Njonji, as well as carrying out Namibian data acquisition, ensuring the elapsed time is directed in a productive manner, but since time is passing, when our broker offered us some further funds in response to investor demand, we felt it was prudent to accept them."