TIDMTRP
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 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 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 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 10,445,682 300,289,620 8 11,893,228 18.6%
---------------- ---------------- ----------------- ---------------
Paula Brancato 5,222,841 33,238,104 3 3,238,104 0.8%
---------------- ---------------- ----------------- ---------------
Mark Enfield 5,222,841 31,394,256 3 3,271,802 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
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)
0.25 pence 5,222,841
----------
--------------------------------- ------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 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 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)
0.25 pence 5,222,841
----------
--------------------------------- ------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 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 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)
0.25 pence 10,445,682
-----------
--------------------------------- ------------------------------------------
d) Aggregated information: Single Transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 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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END
DSHEAXNEDANAEFA
(END) Dow Jones Newswires
October 03, 2022 02:00 ET (06:00 GMT)
Grafico Azioni Tower Resources (LSE:TRP)
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