Grant of Options

RNS Number : 8433P

Tower Resources PLC

07 October 2013

 



7 October 2013

Tower Resources Plc

Grant of Options

Tower Resources plc ("Tower" or the "Company"), (TRP.L, TRP LN), the AIM listed Africa focused oil and gas exploration company, announces that following completion of the acquisition of Wilton Petroleum Limited on 4 October 2013 and as noted in the Open Offer circular dated 26 July 2013, the Company has today been able to grant an aggregate of 20,000,000 options to staff and consultants at an exercise price of 1.32p per share, which equates to a total of £264,000. These options will vest in three equal tranches being 12, 24 and 36 months respectively after issue and will expire if not previously exercised, on the fifth anniversary of their issue. This grant included 2.0 million options to Andrew Matharu, VP Corporate Affairs, who now holds 6.0m options and 1.0 million to John Bottomley, Company Secretary and 12.0 million to Nigel Quinton, Head of Exploration, neither of whom previously held any options.

The total number of outstanding warrants and options is now 107,032,088 representing 4.06 per cent of the issued share capital of the Company.

Contacts

Tower Resources Plc

Graeme Thomson (CEO)

[phone]

Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Charles Batten
[phone]

GMP Securities Europe LLP (Joint Broker)

Rob Collins/Liz Williamson
[phone]

 

Vigo Communications

Chris McMahon/ Peter Reilly
[phone]

 

END

 

 

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