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RNS Number : 9357P Tower Resources PLC 15 February 2023
15 February 2023
Tower Resources plc
("Tower" or the "Company")
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 January 2023 to
31 March 2023, to conserve the Company's working capital. The issue of
warrants in lieu of fees usually takes place at the beginning of each calendar
quarter, but at the end of December 2022 the usual issue was deferred due to a
MAR restricted period..
The warrants are exercisable at a strike price of 0.175 pence ("Warrants"),
which is a premium of 8% to the mid-point closing share price on 14 February
2023. 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 11,645,963 228,250,056 739,853,664 17.5%
Paula Brancato 5,822,981 37,217,237 37,217,237 0.9%
Mark Enfield 5,822,981 39,061,085 40,938,631 1.0%
*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 5,822,981 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 January 2023 to 31 March 2023.
Warrants in issue
Following the above issue of Warrants, and the retirement of 435,187,412
warrants which have expired since 30 September 2022, the total number of
Warrants in issue is 498,052,591 equating to 10.8% 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 & CEO
Andrew Matharu
VP - Corporate Affairs
BlytheRay +44 20 7138 3208
Financial PR
Tim Blythe
Megan Ray
SP Angel Corporate Finance LLP +44 20 3470 0470
Nominated Adviser and Joint Broker
Stuart Gledhill
Kasia Brzozowska
Novum Securities Limited +44 20 7399 9400
Joint Broker
Jon Beliss
Colin Rowbury
Panmure Gordon (UK) Limited +44 20 7886 2500
Joint Broker
John Prior
Hugh Rich
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.
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)
0.175 pence 5,822,981
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 0.175 pence 5,822,981
Price:
e) Date of the transaction: 15 February 2023
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)
0.175 pence 5,822,981
e)
Date of the transaction:
15 February 2023
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)
0.175 pence 5,822,981
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 0.175 pence 5,822,981
Price:
e) Date of the transaction: 15 February 2023
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)
0.175 pence 5,822,981
e)
Date of the transaction:
15 February 2023
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)
0.175 pence 11,645,963
d) Aggregated information: Single Transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 0.175 pence 11,645,963
Price:
e) Date of the transaction: 15 February 2023
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)
0.175 pence 11,645,963
e)
Date of the transaction:
15 February 2023
07:00 BST
f)
Place of the transaction:
Outside a trading venue
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