REG - Tower Resources PLC - Issue of share in lieu of fees to Bedrock Drilling

Tower ResourcesAnnouncement

30/08/2022 07:16

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RNS Number : 4528X  Tower Resources PLC  30 August 2022

30 August 2022

 

Tower Resources plc

Issue of share in lieu of fees to Bedrock Drilling Ltd

 

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
11,200,000 Ordinary shares in the Company (the "Fee Shares") to Bedrock
Drilling Ltd ("Bedrock Drilling"), in lieu of fees to the value of £25,200.

The Company has issued shares in lieu of fees on previous occasions to Bedrock
Drilling, which provides well project management, well engineering services
and drilling consultancy services to Tower's operations on the Thali block,
offshore Cameroon, both to reduce cash costs and above all to align long term
incentives with our well management team.

It is expected that admission of the shares will become effective at 8.00 a.m.
on or around 2 September 2022.

Following admission of the shares, the Company's enlarged issued share capital
will comprise 3,554,437,955  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.

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

 

Contacts

 

 Tower Resources plc                  +44 20 7157 9625
 Jeremy Asher

Chairman and CEO

 Andrew Matharu

VP - Corporate Affairs

 SP Angel Corporate Finance LLP       +44 20 3470 0470

Nominated Adviser and Joint Broker

 Stuart Gledhill

 Caroline Rowe

 Novum Securities Ltd                 +44 20 7399 9400

Joint Broker

 Jon Bellis

 Colin Rowbury

 Panmure Gordon (UK) Limited          +44 20 7886 2500

Joint Broker

 John Prior

 Hugh Rich

 

 

 

 

 

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