TIDMTRP

RNS Number : 8661G

Tower Resources PLC

01 April 2022

1 April 2022

Tower Resources plc

Issue of Warrants to Directors

Director Dealings

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 GBP30,000 (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 April 2022 to 30 June 2022, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.2625 pence ("Warrants"), which is just above the most recent placing announced on 14 January 2022 and equal to the closing share price of 0.2625 pence per share on 31 March 2022. 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         Total number      Shareholding       % of issued 
                    Warrants being    of Warrants       upon exercise      share capital 
                    issued            held including    of total number    upon exercise 
                                      this issue*       of Warrants        of Warrants 
                                                        held 
 Jeremy Asher      7,940,709         283,111,442       651,857,907        18.9% 
                  ----------------  ----------------  -----------------  --------------- 
 Paula Brancato    3,970,355         24,649,015        24,649,015         0.7% 
                  ----------------  ----------------  -----------------  --------------- 
 Mark Enfield      3,970,355         22,805,167        24,682,713         0.7% 
                  ----------------  ----------------  -----------------  --------------- 
 

*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 3,970,355 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 April 2022 to 30 June 2022.

Warrants in issue

Following the above issue of Warrants, the total number of Warrants in issue is 758,645,262 equating to 20.6% of the Company's enlarged share capital assuming full exercise of all warrants and share options.

Director Dealings

In addition, on 31 March 2022, Dr Mark Enfield, a Non-Executive Director of the Company, carried out a sale and repurchase of shares in the Company, pursuant to which he sold 69,402 Ordinary shares held in his own name, and repurchased them into Geoscience Equity Limited (in which he holds a 100% interest). Both the sale and the repurchase were priced at 0.2625 pence per share.

Following the sale and repurchase, Mr Enfield remains beneficial owner of 1,877,546 shares in the Company, now held entirely though Geoscience Equity Limited.

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 
  Nominated Adviser and Joint 
  Broker 
  Stuart Gledhill                + 44 20 3470 
  Caroline Rowe                   0470 
 Novum Securities Limited 
  Joint Broker 
  Jon Bellis                     + 44 20 7399 
  Colin Rowbury                   9400 
 
 Panmure Gordon (UK) Limited 
  Joint Broker 
  Nick Lovering                  + 44 20 7886 
  Hugh Rich                       2500 
 

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       Ordinary Shares of 
       instrument, type of instrument:    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) 
                                            0.2625 pence    3,970,355 
                                                           ---------- 
     ---------------------------------  -------------------------------------------- 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)        Volume(s) 
       Price:                              0.2625 pence    3,970,355 
     ---------------------------------  -------------------------------------------- 
 e)   Date of the transaction:           1 April 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:                              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       Ordinary Shares of 
       instrument, type of instrument:    0.001 pence each 
       Identification code:               GB00BZ6D6J81 
     ---------------------------------  -------------------------------------------- 
 b)   Nature of the transaction:              i) Sale of shares 
                                               held in own name 
                                               ii) Repurchase of 
                                               shares into Geoscience 
                                               Equity Limited 
     ---------------------------------  -------------------------------------------- 
 c)   Price(s) and volume(s):                        i) Price(s)        Volume(s) 
                                                       0.2625 pence    69,402 
                                                                      ---------- 
 
 
                                                      ii) Price(s)        Volume(s) 
                                                       0.2625 pence    69,402 
                                                                      ---------- 
     ---------------------------------  -------------------------------------------- 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)        Volume(s) 
       Price:                              0.2625 pence    69,402 
     ---------------------------------  -------------------------------------------- 
 e)   Date of the transaction:           1 April 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       Ordinary Shares of 
       instrument, type of instrument:    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) 
                                            0.2625 pence    3,970,355 
                                                           ---------- 
     ---------------------------------  -------------------------------------------- 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)        Volume(s) 
       Price:                              0.2625 pence    3,970,355 
     ---------------------------------  -------------------------------------------- 
 e)   Date of the transaction:           1 April 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       Ordinary Shares of 
       instrument, type of instrument:    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) 
                                            0.2625 pence    7,940,709 
                                                           ---------- 
     ---------------------------------  -------------------------------------------- 
 d)   Aggregated information:            Single Transaction 
       Aggregated volume:                 as in 4 c) above Price(s)        Volume(s) 
       Price:                              0.2625 pence    7,940,709 
     ---------------------------------  -------------------------------------------- 
 e)   Date of the transaction:           1 April 2022 
                                          07:00 BST 
     ---------------------------------  -------------------------------------------- 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
     ---------------------------------  -------------------------------------------- 
 

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END

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April 01, 2022 02:01 ET (06:01 GMT)

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