TIDMTRP

RNS Number : 2607O

Tower Resources PLC

02 October 2023

2 October 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 GBP30,000 (in aggregate) of Directors fees to Paula Brancato and Mark Enfield (both Non-Executive Directors), and Jeremy Asher (as Chairman) in settlement of fees due for the period from 1 October 2023 to 31 December 2023, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.05 pence ("Warrants"), which is a premium of 45% to the mid-point closing share price on 29 September 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         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        55,762,081        292,399,271       904,002,879           9.7% 
                  ----------------  ----------------  -----------------  --------------- 
 Paula Brancato      27,881,040        96,981,488         96,981,488           1.0% 
                  ----------------  ----------------  -----------------  --------------- 
 Mark Enfield        27,881,040        95,137,640         97,015,186           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 27,881,041 warrants, on the same terms as the Warrants issued to Directors, to each of Mr Duncan Rushworth and Mr Douglas Cook, consultants to the Company, in lieu of fees for work for the Company during the period from 1 October 2023 to 31 December 2023.

Warrants in issue

Following the above issue of Warrants, and the retirement of 83,303,852 warrants which have expired since 3 July 2023, the total number of Warrants in issue is 862,088,147 equating to 8.6% 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 
  Jeremy Asher 
  Chairman & CEO 
 
  Andrew Matharu 
  VP - Corporate Affairs         +44 20 7157 9625 
 BlytheRay 
  Financial PR 
  Tim Blythe 
  Megan Ray                      +44 20 7138 3208 
 
 SP Angel Corporate Finance 
  LLP 
  Nominated Adviser and Joint 
  Broker 
  Stuart Gledhill 
  Kasia Brzozowska               +44 20 3470 0470 
 Novum Securities Limited 
  Joint Broker 
  Jon Beliss 
  Colin Rowbury                  +44 20 7399 9400 
 
 Axis Capital Markets Limited 
  Joint Broker 
  Richard Hutchison              +44 203 026 2689 
 Panmure Gordon (UK) Limited 
  Joint Broker 
  John Prior 
  Hugh Rich                      +44 20 7886 2500 
 

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       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) 
                                            0.05 pence    27,881,040 
                                                         ----------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.05 pence    27,881,040 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           2 October 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       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) 
                                            0.05 pence    27,881,040 
                                                         ----------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.05 pence    27,881,040 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           2 October 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       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) 
                                            0.05 pence    55,762,081 
                                                         ----------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single Transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.05 pence    55,762,081 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           2 October 2023 
                                          07:00 BST 
     ---------------------------------  ------------------------------------------ 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
     ---------------------------------  ------------------------------------------ 
 

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END

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October 02, 2023 02:00 ET (06:00 GMT)

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