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Tower Resources PLC (TRP)

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Thursday 01 July, 2021

Tower Resources PLC

Issue of Shares in lieu of fees

RNS Number : 7546D
Tower Resources PLC
01 July 2021
 

1 July 2021

 

Tower Resources plc

Issue of Shares in lieu of fees to Oilfield International Ltd

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 that it has issued 6,320,000 Ordinary shares in the Company (the "Fee Shares") to Oilfield International Ltd (OIL), in lieu of fees to the value of £15,800. The Company also announces the following issue of warrants to Directors in lieu of fees. 

The Company has issued shares at an effective issue price of 0.25p per share in lieu of fees to OIL, which compiled asset reserves and resources valuation reports for Tower covering the Thali PSC, offshore Cameroon, in November 2018 and March 2020.

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 2021 to 30 September 2021, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.25 pence ("Warrants"), which is a premium of 16% to the closing share price of 0.215 pence per share on 30 June 2021, 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

9,894,459

274,670,619

623,801,700

24.9%

Paula Brancato

4,947,230

13,966,103

13,966,103

0.6%

Mark Enfield

4,947,230

12,122,255

13,999,801

0.6%

*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 4,947,230 warrants, on the same terms as the Warrants issued to Directors, to Mr Duncan Rushworth in lieu of fees for his work for the Company during the period from 1 July 2021 to 30 September 2021.

 

Shares in issue

It is expected that admission of the new shares will become effective at 8.00 a.m. on or around 6 July 2021.

Following admission of the shares, the Company's enlarged issued share capital will comprise 1,756,231,416 Ordinary shares of 0.001 pence each with voting rights in the Company. 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 FCA's Disclosure and Transparency Rules.

Warrants in issue

Following the above issue of Warrants, the total number of Warrants in issue is 790,383,879 equating to 28.3% of the Company's enlarged share capital assuming full exercise of all warrants and share options.

 

Contacts

 

Tower Resources plc

+44 20 7157 9625



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

ETX Capital
Joint Broker

Elliot Hance

+ 44 20 7392 1436



Turner Pope Investments (TPI) Limited
Joint Broker

Andy Thacker

 

+ 44 20 3657 0050

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)

0.25 pence

4,947,230

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.25 pence

4,947,230



 

e)

Date of the transaction:

1 July 2021

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)

0.25 pence

4,947,230

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.25 pence

4,947,230



 

e)

Date of the transaction:

1 July 2021

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)

0.25 pence

9,894,459

 

d)

Aggregated information:

Aggregated volume:

Price:

Single Transaction as in 4 c) above

Price(s)

Volume(s)

0.25 pence

9,894,459



 

e)

Date of the transaction:

1 July 2021

07:00 BST

f)

Place of the transaction:

Outside a trading venue

 

 

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