Issue of Warrants to Directors and TVR

RNS Number : 1323I

Tower Resources PLC

31 March 2020

 

31 March 2020

Tower Resources plc

Issue of Warrants to Directors and Total Voting Rights

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces the following issue of warrants to Directors in lieu of fees.  

Warrants are being issued in lieu of £68,000 (in aggregate) of Directors fees to Peter Taylor and David M Thomson (non-executive directors), and Jeremy Asher (as Chairman) in settlement of fees due for the period from 1 January 2020 to 30 June 2020, to conserve the Company's working capital.

The warrants are exercisable at a price of 0.2 pence ("Warrants"), which is the closing share price on 30 March 2020 and are exercisable for a period of 5 years from the date of issue. The Warrants being issued are detailed below:

Director	Number of Warrants being issued	Total number of Warrants held*	Shareholding upon exercise of total number of Warrants held	% of issued share capital upon exercise of Warrants
Jeremy Asher	21,978,022	188,354,191	489,630,301	28.2%
Peter Taylor	14,652,015	36,928,643	55,380,369	3.2%
David M Thomas	13,186,813	13,186,813	13,186,813	0.8%

*Warrants are held at different prices.

As previously announced, the Directors will consider issuing further warrants in lieu of fees for each calendar quarter based on the closing price of the stock and the warrant valuation on the last day of the previous quarter and will make an election and announce the issue of warrants (if so elected) at the earliest opportunity in each calendar quarter. This election will be made by the Board with each Director taking into consideration the working capital position of the Company.

Warrants and Options in issue

Following the above issue of Warrants, the total number of warrants in issue is 494,101,339 equating to 27.3% of the Company's enlarged share capital assuming full exercise of all warrants and also stock options.

Total Voting Rights

In accordance with the FCA's Disclosure and Transparency Rules ("DTRs"), the total issued share capital of the Company consists of 1,243,271,874 ordinary shares of 0.001 pence each ("Ordinary Shares") with voting rights.

The total number of voting rights in the Company is 1,243,271,874 and 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 DTRs. 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Contacts

Tower Resources plc	[phone]
Jeremy Asher Chairman and CEO
Andrew Matharu VP - Corporate Affairs
SP Angel Corporate Finance LLP Nominated Adviser	+ 44 20 3470 0470
Stuart Gledhill Caroline Rowe
Turner Pope Investments (TPI) Limited Joint Broker Andy Thacker Zoe Alexander	+ 44 20 3657 0050
Whitman Howard Limited Joint Broker Nick Lovering	+ 44 20 7659 1234

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Peter Taylor
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Tower Resources PLC
b)	LEI:	2138002J9VH6PN7P2B09
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary Shares of 0.001 pence each GB00BZ6D6J81
b)	Nature of the transaction:	Warrants in lieu of Directors fees
c)	Price(s) and volume(s):	Price(s) Volume(s) 0.20 pence 14,652,015
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.20 pence 14,652,015
e)	Date of the transaction:	31 March 2020 07:00 BST
f)	Place of the transaction:	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	David M Thomas
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Tower Resources PLC
b)	LEI:	2138002J9VH6PN7P2B09
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary Shares of 0.001 pence each GB00BZ6D6J81
b)	Nature of the transaction:	Warrants in lieu of Directors fees
c)	Price(s) and volume(s):	Price(s) Volume(s) 0.20 pence 13,186,813
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.20 pence 13,186,813
e)	Date of the transaction:	31 March 2020 07:00 BST
f)	Place of the transaction:	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Jeremy Asher
2.	Reason for the notification
a)	Position/status:	Chairman and Chief Executive Officer
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Tower Resources PLC
b)	LEI:	2138002J9VH6PN7P2B09
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary Shares of 0.001 pence each GB00BZ6D6J81
b)	Nature of the transaction:	Warrants in lieu of Directors fees
c)	Price(s) and volume(s):	Price(s) Volume(s) 0.20 pence 21,978,022
d)	Aggregated information: Aggregated volume: Price:	Single Transaction as in 4 c) above Price(s) Volume(s) 0.20 pence 21,978,022
e)	Date of the transaction:	31 March 2020 07:00 BST
f)	Place of the transaction:	Outside a trading venue

 

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