Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Tower Resources (TRP) has become surprisingly interesting over the last few weeks. With a number of high profile oil exploration failures under its belt and 6.7billion shares in issue, Tower bears most of the hallmarks of your typical common or garden AIM cesspit stock. The 0.19p share price hardly inspires confidence. So, when the company came to raise £5.2million net on 15 July the market’s collective shrug of the shoulders was hardly a surprise. However, closer examination of the fundraising reveals a more intriguing story to the usual “keeping the lights on” package that has become all too familiar for small resource stocks in this market.
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