TIDMTRP

RNS Number : 7546D

Tower Resources PLC

01 July 2021

1 July 2021

Tower Resources plc

Issue of Shares in lieu of fees to Oilfield International Ltd

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 that it has issued 6,320,000 Ordinary shares in the Company (the "Fee Shares") to Oilfield International Ltd (OIL), in lieu of fees to the value of GBP15,800. The Company also announces the following issue of warrants to Directors in lieu of fees.

The Company has issued shares at an effective issue price of 0.25p per share in lieu of fees to OIL, which compiled asset reserves and resources valuation reports for Tower covering the Thali PSC, offshore Cameroon, in November 2018 and March 2020.

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 July 2021 to 30 September 2021, 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 16% to the closing share price of 0.215 pence per share on 30 June 2021, and are exercisable for a period of 5 years from the date of issue. The Warrants 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      9,894,459         274,670,619       623,801,700        24.9% 
                  ----------------  ----------------  -----------------  --------------- 
 Paula Brancato    4,947,230         13,966,103        13,966,103         0.6% 
                  ----------------  ----------------  -----------------  --------------- 
 Mark Enfield      4,947,230         12,122,255        13,999,801         0.6% 
                  ----------------  ----------------  -----------------  --------------- 
 

*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 4,947,230 warrants, on the same terms as the Warrants issued to Directors, to Mr Duncan Rushworth in lieu of fees for his work for the Company during the period from 1 July 2021 to 30 September 2021.

Shares in issue

It is expected that admission of the new shares will become effective at 8.00 a.m. on or around 6 July 2021.

Following admission of the shares, the Company's enlarged issued share capital will comprise 1,756,231,416 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.

Warrants in issue

Following the above issue of Warrants, the total number of Warrants in issue is 790,383,879 equating to 28.3% of the Company's enlarged share capital assuming full exercise of all warrants and share options.

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 
 ETX Capital 
  Joint Broker                   + 44 20 7392 
  Elliot Hance                    1436 
 
 Turner Pope Investments 
  (TPI) Limited 
  Joint Broker                   + 44 20 3657 
  Andy Thacker                    0050 
 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    4,947,230 
                                                         ---------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.25 pence    4,947,230 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           1 July 2021 
                                          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    4,947,230 
                                                         ---------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.25 pence    4,947,230 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           1 July 2021 
                                          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    9,894,459 
                                                         ---------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single Transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.25 pence    9,894,459 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           1 July 2021 
                                          07:00 BST 
     ---------------------------------  ------------------------------------------ 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
     ---------------------------------  ------------------------------------------ 
 

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July 01, 2021 02:00 ET (06:00 GMT)

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