Issue of Warrants to Directors

RNS Number : 9186Q

Tower Resources PLC

01 July 2022

 

1 July 2022

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 and a consultant to the Company in lieu of fees. 

Warrants are being issued in lieu of £30,000 (in aggregate) of Directors fees to Paula Brancato and Mark Enfield (Non-Executive Directors), and Jeremy Asher (as Chairman) in settlement of fees due for the period from 1 July 2022 to 30 September 2022, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.295 pence ("Warrants"), which is the same as the closing share price of 0.295 pence per share on 30 June 2022. The Warrants are exercisable for a period of 5 years from the date of issue and those 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	6,732,496	289,843,938	658,590,403	19.0%
Paula Brancato	3,366,248	28,015,263	28,015,263	0.8%
Mark Enfield	3,366,248	26,171,415	28,048,961	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 shares 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.

The Company also announces the issue of 3,366,248 warrants, on the same terms as the Warrants issued to Directors, to Mr Duncan Rushworth, a consultant to the Company, in lieu of fees for his work for the Company during the period from 1 July 2022 to 30 September 2022.

Warrants in issue

Following the above issue of Warrants, the total number of Warrants in issue is 775,494,502 equating to 20.9% of the Company's enlarged share capital assuming full exercise of all warrants and share options.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

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 Stuart Gledhill Caroline Rowe	+ 44 20 3470 0470
Novum Securities Limited Joint Broker Jon Bellis Colin Rowbury	+ 44 20 7399 9400
Panmure Gordon (UK) Limited Joint Broker Nick Lovering Hugh Rich	+ 44 20 7886 2500

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:	Mark Enfield
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) 0.295 pence 3,366,248
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.295 pence 3,366,248
e)	Date of the transaction:	1 July 2022 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:	Paula Brancato
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) 0.295 pence 3,366,248
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.295 pence 3,366,248
e)	Date of the transaction:	1 July 2022 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) 0.295 pence 6,732,496
d)	Aggregated information: Aggregated volume: Price:	Single Transaction as in 4 c) above Price(s) Volume(s) 0.295 pence 6,732,496
e)	Date of the transaction:	1 July 2022 07:00 BST
f)	Place of the transaction:	Outside a trading venue

 

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