Issue of Warrants

RNS Number : 2021K

Tower Resources PLC

26 July 2013

 



Tower Resources plc

Issue of Warrants

26 July 2013

Tower Resources plc ("Tower" or the "Company"), (TRP.L, TRP LN), the AIM listed Africa focused oil and gas exploration company, announces that further to the news release made by the Company on 25 July 2013 in relation to a Placing and a subsequent Open Offer, the Company has now issued an aggregate of 19,672,972 warrants to Directors in sacrifice of an aggregate of £130,000 of fees and salaries.

The warrants expire on 26 July 2018 and have an exercise price of 1.225p per share being the middle market price of the Company's shares at the close of business yesterday.

The warrants issued and the respective fees/salary foregone are detailed below:

	Warrants	£
Jeremy Asher	4,539,917	30,000
Graeme Thomson	4,539,917	30,000
Peter Blakey	4,539,917	30,000
Peter Taylor	4,539,917	30,000
Philip Swatman	1,513,306	10,000

The total number of outstanding warrants and options is now 82,492,171 representing  3.4 per cent of the issued share capital of the Company after the Placing and before any shares are issued under the Open Offer.

Tower has also agreed to issue 1,410,918 ordinary shares in the capital of the Company ("Ordinary Shares") to a supplier in part payment for services. The new Ordinary Shares will rank pari passu in all respects with the Company's existing Ordinary Shares and application has been made for the new Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange. Dealings are likely to commence on 31 July 2013.

Following this allotment and in accordance with Disclosure and Transparency Rules, the Company's issued ordinary share capital is now comprised of 2,427,406,411 Ordinary Shares of 0.1 pence each with voting rights.

The above figure 2,427,406,411 may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Tower under the FCA's Disclosure and Transparency Rules

Contacts

Tower Resources plc

Jeremy Asher (Chairman)
Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)

[phone]

Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Charles Batten
[phone]

GMP Securities Europe LLP (Joint Broker)

Rob Collins/Liz Williamson
[phone]

 

Vigo Communications

Chris McMahon/ Peter Reilly
[phone]

Directors Interests

The following table sets out the Directors shareholdings and percentage interests in the issued share capital of the Company after the Placing but before the Open Offer, together with their interests in warrants and options:

	Post Placing Shareholding	% of Issued Share Capital Post Placing	Number of Options	Number of Warrants
Jeremy Asher	275,000,000	11.34		11,453,130
Graeme Thomson	16,500,000	0.68	20,000,000	5,998,351
Peter Taylor	105,763,549	4.36		9,196,615
Peter Blakey	98,296,882	4.05		9,196,615
Philip Swatman	3,500,000	0.14	1,500,000	1,999,450

Total                                       499,060,431            20.57                    21,500,000             37,844,159

 

END

 

 

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