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RNS Number : 4426B Tower Resources PLC 03 October 2022
3 October 2022
Tower Resources plc
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 the following issue of
warrants to Directors and a consultant to the Company in lieu of fees.
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 October 2022 to
31 December 2022, 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 28% to the closing share price on 30 September 2022 and
a premium of 43% to the most recent placing price of 0.175 pence. The Warrants
are exercisable for a period of 5 years from the date of issue and those 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 10,445,682 300,289,620 811,893,228 18.6%
Paula Brancato 5,222,841 33,238,104 33,238,104 0.8%
Mark Enfield 5,222,841 31,394,256 33,271,802 0.8%
*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 5,222,841 warrants, on the same terms
as the Warrants issued to Directors, to Mr Duncan Rushworth, a consultant to
the Company, in lieu of fees for his work for the Company during the period
from 1 October 2022 to 31 December 2022.
Warrants in issue
Following the above issue of Warrants, the total number of Warrants in issue
is 812,196,935 equating to 17.1% of the Company's enlarged share capital
assuming full exercise of all warrants and share options.
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 Limited +44 20 7399 9400
Joint Broker
Jon Bellis
Colin Rowbury
Panmure Gordon (UK) Limited +44 20 7886 2500
Joint Broker
Nick Lovering
Hugh Rich
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: Ordinary Shares of 0.001 pence each
Identification code: 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 5,222,841
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 0.25 pence 5,222,841
Price:
e) Date of the transaction: 3 October 2022
07:00 BST
f) Place of the transaction: Outside a trading venue
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s) Volume(s)
0.25 pence 5,222,841
e)
Date of the transaction:
3 October 2022
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: Ordinary Shares of 0.001 pence each
Identification code: 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 5,222,841
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 0.25 pence 5,222,841
Price:
e) Date of the transaction: 3 October 2022
07:00 BST
f) Place of the transaction: Outside a trading venue
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s) Volume(s)
0.25 pence 5,222,841
e)
Date of the transaction:
3 October 2022
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: Ordinary Shares of 0.001 pence each
Identification code: 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 10,445,682
d) Aggregated information: Single Transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 0.25 pence 10,445,682
Price:
e) Date of the transaction: 3 October 2022
07:00 BST
f) Place of the transaction: Outside a trading venue
d)
Aggregated information:
Aggregated volume:
Price:
Single Transaction as in 4 c) above
Price(s) Volume(s)
0.25 pence 10,445,682
e)
Date of the transaction:
3 October 2022
07:00 BST
f)
Place of the transaction:
Outside a trading venue
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