Issue of Warrants

RNS Number : 1051N

Tower Resources PLC

04 June 2010

 



PRESS RELEASE

Tower Resources plc

("Tower" or "the Company")

Issue of Warrants

The Company announces that on the 28th May 2010 it issued a total of 6,339,622 warrants to Peter Kingston, Peter Blakey, Peter Taylor, Mark Savage and Jeremy Asher as detailed below:-

Name	Warrants	Exercise Price	Date from which the warrants are exercisable	Expiry of warrants
Peter Kingston	1,509,434	1.325p	28th May 2011	28th May 2013
Peter Blakey	1,509,434	1.325p	28th May 2011	28th May 2013
Peter Taylor	1,509,434	1.325p	28th May 2011	28th May 2013
Mark Savage	905,660	1.325p	28th May 2011	28th May 2013
Jeremy Asher	905,660	1.325p	28th May 2011	28th May 2013

These warrants were issued in lieu of fees to be waived by directors for the forthcoming period May 2010 to April 2011, to reduce overhead cost to working capital. The fees to be foregone are summarised below (£):-

Name	May 10 - April 11	May 10 - October 10		Total
Peter Kingston		20,000		20,000
Peter Blakey	20,000			20,000
Peter Taylor	20,000			20,000
Mark Savage	12,000			12,000
Jeremy Asher	12,000			12,000
The Tower Board further agreed on 28th May 2010 that the period during which all existing share option agreements with Peter Kingston, Jim Webb, Frank Collar and Marilyn Hill may be exercised be extended by two years, from a period of 5 years from each option's date of grant to a period of 7 years from that date. For more information on Tower Resources, please visit; www.towerresources.co.uk For further information please contact: Tower Resources plc Peter Kingston 0780 2804852
Astaire Securities (NOMAD and Joint Broker)			020 7448 4400
Jerry Keen (Broking) Gavin Burnell / Shane Gallwey   (NOMAD)
Westhouse Securities (Joint Broker)			020 7601 6100
Tim Feather
Walbrook PR			020 7933 8780
Paul McManus / Leah Kramer

 

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