Issue of Warrants to Directors

RNS Number : 6145R

Tower Resources PLC

01 July 2020

 

1 July 2020

Tower Resources plc

Issue of Warrants to Directors

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 £34,000 (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 July 2020 to 30 September 2020, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.35 pence ("Warrants"), which is a premium of 11.1% to the closing share price on 30 June 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 including this issue*	Shareholding upon exercise of total number of Warrants held	% of issued share capital upon exercise of Warrants
Jeremy Asher	6,714,414	199,568,605	500,844,715	28.8%
Peter Taylor	4,476,276	41,404,919	59,856,645	3.4%
David M Thomas	4,028,648	17,215,461	17,215,461	1.0%

*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 513,820,677 equating to 28.1% of the Company's enlarged share capital assuming full exercise of all warrants and also stock options.

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 and Joint Broker	+ 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) 0.35 pence 4,476,276
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.35 pence 4,476,276
e)	Date of the transaction:	1 July 2020 07:01 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) 0.35 pence 4,028,648
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.35 pence 4,028,648
e)	Date of the transaction:	1 July 2020 07:01 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) 0.35 pence 6,714,414
d)	Aggregated information: Aggregated volume: Price:	Single Transaction as in 4 c) above Price(s) Volume(s) 0.35 pence 6,714,414
e)	Date of the transaction:	1 July 2020 07:01 BST
f)	Place of the transaction:	Outside a trading venue

 

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