RNS Number : 9749M

Tower Resources PLC

27 January 2021

27 January 2021

Tower Resources plc

("Tower" or the "Company")

Issue of shares in lieu of fees to EPI Group

Tower Resources plc (TRP.L, TRP LN), the AIM listed oil and gas company with its focus on Africa , announces that it has issued 20,000,000 Ordinary shares in the Company (the "Fee Shares") to EPI Group, in lieu of fees to the value of GBP65,000.

The Company has issued shares in lieu of fees to EPI Group on previous occasions, which provides geological and geophysical services to the Company under a strategic relationship that has been in place since 2015.

The issue of shares to EPI Group constitutes a related party transaction in accordance with AIM Rule 13, since Dr Mark Enfield is a director of both EPI Group and the Company. Accordingly, Jeremy Asher and Paula Brancato, acting as the independent Directors, consider, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the issue of shares to EPI Group are fair and reasonable insofar as the Company's shareholders are concerned.

Application has been made for the Fee Shares to be admitted to trading on AIM. It is expected that admission of the Fee Shares will become effective at 8.00 a.m. on or around 1 February 2021.

Following admission of the Fee Shares, the Company's enlarged issued share capital will comprise 1,729,911,416 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

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.


 Tower Resources plc             +44 20 7157 9625 
 Jeremy Asher 
  Chairman and CEO 
   Andrew Matharu 
   VP - Corporate Affairs 
 SP Angel Corporate Finance 
  Nominated Adviser and Joint 
  Stuart Gledhill 
  Caroline Rowe                  +44 20 3470 0470 
 ETX Capital 
  Joint Broker 
  Elliott Hance                  +44 20 7392 1436 
 Turner Pope Investments 
  (TPI) Limited 
  Joint Broker 
  Andy Thacker 
  Zoe Alexander                  +44 20 3657 0050 
 Panmure Gordon (UK) Limited 
  Joint Broker 
  Nick Lovering 
  Hugh Rich                      +44 20 7886 2500 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

January 27, 2021 02:00 ET (07:00 GMT)

Grafico Azioni Tower Resources (LSE:TRP)
Da Lug 2022 a Ago 2022 Clicca qui per i Grafici di Tower Resources
Grafico Azioni Tower Resources (LSE:TRP)
Da Ago 2021 a Ago 2022 Clicca qui per i Grafici di Tower Resources