Grant of Options

RNS Number : 2001S

Tower Resources PLC

16 March 2016

 

16 March 2016

Tower Resources plc

Grant of Options

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa-focussed oil and gas exploration company, announces the following grant of options to certain directors, members of the management team and retained consultants.

The Remuneration Committee of the Board has decided to grant options over an aggregate of 134,400,000 ordinary shares at a premium of 150% over the current share price, being an exercise price of 0.19p per share and which was the Placing price of the Company's most recent placing announced on 15 July 2015. The 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.

Director/PDMR	Number of options prior to grant	Number of options granted at 0.19p	Total number of remaining options
Graeme Thomson, CEO	68,000,000	31,500,000	99,500,000
Nigel Quinton, Exploration Director	42,000,000	27,000,000	69,000,000
Philip Swatman, Non-Executive Director	-	1,500,000	1,500,000
Philip Frank, Non-Executive Director	-	1,500,000	1,500,000
Eric Griffith, Asset Manager	18,700,000	22,700,000	41,400,000
Andrew Matharu, VP Corporate Affairs	25,000,000	16,600,000	41,600,000
Andrew Smith, Financial Controller	25,400,000	16,000,000	41,400,000
P.D.F Limited 2008 Employee Benefit Trust	16,000,000	12,000,000	28,000,000
Others	3,600,000	5,600,000	9,200,000
Total	198,700,000	134,400,000	333,100,000

The total number of outstanding options is now 333,100,000 representing 4.6% of the fully diluted issued share capital of the Company with an exercise price ranging from 0.19 to 0.70 pence per share and with expiry dates ranging from December 2019 to February 2021.

Contacts

Tower Resources

Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
[phone]

Peel Hunt LLP (Nominated Adviser and Broker)

Richard Crichton/Ross Allister
[phone]

Vigo Communications

Chris McMahon/Alex Aleksandrov
[phone]

 

END

 

 

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