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