REG - Tower Resources PLC - Grant of Options <Origin Href="QuoteRef">TOWR.L</Origin>

Tower ResourcesAnnouncement

16/03/2016 07:05

RNS Number : 2001S
Tower Resources PLC
16 March 2016
16 March 2016
Tower Resources plc
Grant of Options
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa-focussed oil and gas exploration company, announces the following grant of options to certain directors, members of the management team and retained consultants.
The Remuneration Committee of the Board has decided to grant options over an aggregate of 134,400,000 ordinary shares at a premium of 150% over the current share price, being an exercise price of 0.19p per share and which was the Placing price of the Company's most recent placing announced on 15 July 2015. The options will vest in three equal tranches being 12, 24 and 36 months respectively after issue and will expire, if not previously exercised, on the fifth anniversary of their issue.
Director/PDMR
Number of options prior to grant
Number of options granted at 0.19p
Total number of remaining options
Graeme Thomson, CEO
68,000,000
31,500,000
99,500,000
Nigel Quinton, Exploration Director
42,000,000
27,000,000
69,000,000
Philip Swatman, Non-Executive Director
-
1,500,000
1,500,000
Philip Frank, Non-Executive Director
-
1,500,000
1,500,000
Eric Griffith, Asset Manager
18,700,000
22,700,000
41,400,000
Andrew Matharu, VP Corporate Affairs
25,000,000
16,600,000
41,600,000
Andrew Smith, Financial Controller
25,400,000
16,000,000
41,400,000
P.D.F Limited 2008 Employee Benefit Trust
16,000,000
12,000,000
28,000,000
Others
3,600,000
5,600,000
9,200,000
Total
198,700,000
134,400,000
333,100,000
The total number of outstanding options is now 333,100,000 representing 4.6% of the fully diluted issued share capital of the Company with an exercise price ranging from 0.19 to 0.70 pence per share and with expiry dates ranging from December 2019 to February 2021.
Contacts
Tower Resources
Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Broker)
Richard Crichton/Ross Allister
+44 20 7418 8900
Vigo Communications
Chris McMahon/Alex Aleksandrov
+44 20 7830 9702

This information is provided by RNS
The company news service from the London Stock Exchange
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