REG - Tower Resources PLC - Exercise of Warrants

Tower ResourcesAnnouncement

01/10/2024 07:00

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RNS Number : 3442G  Tower Resources PLC  01 October 2024

1 October 2024

Tower Resources plc

("Tower" or the "Company")

Exercise of Warrants

 

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 exercise
of Warrants.

 

On 30 September 2024, a broker to the Company, exercised warrants over
140,000,000 Ordinary shares at an exercise price of 0.018p per share providing
£25,200 of cash proceeds to the Company.

 

Application has been made for the resulting 140,000,000 Ordinary shares issued
on exercise of the Warrants to be admitted to trading on AIM ("Admission"). It
is expected that Admission will occur on or around 4 October 2024. The new
ordinary shares will, when admitted, rank pari passu in all respects with the
existing ordinary shares.

 

The total number of outstanding warrants is now 1,659,323,298 representing
approximately 7.7 per cent of the fully diluted share capital of the Company
upon exercise of all warrants and options.

 

Following Admission of the above Ordinary Shares, the Company's enlarged
issued share capital will comprise 17,973,837,424 Ordinary Shares of 0.001
pence each with voting rights. 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 their
interest in, the share capital of the Company under the FCA's Disclosure and
Transparency Rules.

 

 

Contacts:

 

 Tower Resources plc                  +44 20 7157 9625

 Jeremy Asher

 Chairman & CEO

 Andrew Matharu

 VP - Corporate Affairs

 BlytheRay                            +44 20 7138 3204

 Financial PR

 Tim Blythe

 Megan Ray

 SP Angel Corporate Finance LLP       +44 20 3470 0470

Nominated Adviser and Joint Broker

 Stuart Gledhill

 Caroline Rowe

 Novum Securities Limited             +44 20 7399 9400

Joint Broker

 Jon Beliss

 Colin Rowbury

 Axis Capital Markets Limited         +44 203 026 2689

Joint Broker

 Richard Hutchison

 

About Tower Resources

Tower Resources plc is an AIM listed energy company building a balanced
portfolio of energy opportunities in Africa across the exploration and
production cycle in oil and gas and beyond. The Company's current focus is on
advancing its operations in Cameroon to deliver cash flow through short-cycle
development and rapid production with long term upside, and de-risking
attractive exploration licenses through acquiring 3D seismic data in the
emerging oil and gas provinces of Namibia and South Africa, where world-class
discoveries have recently been made.

Tower's strategy is centred around stable jurisdictions that the Company knows
well and that offer excellent fiscal terms. Through its Directors, staff and
strategic relationship with EPI Group, Tower has access to decades of
expertise and experience in Cameroon and Namibia, and its joint venture with
New Age builds on years of experience in South Africa.

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