TIDMTRP

RNS Number : 6888A

Tower Resources PLC

01 October 2020

1 October 2020

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 in lieu of fees.

Warrants are being issued in lieu of GBP30,000 (in aggregate) of Directors fees to Peter Taylor and Paula Brancato (Non-Executive Directors), and Jeremy Asher (as Chairman) in settlement of fees due for the period from 1 October 2020 to 31 December 2020, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.39 pence ("Warrants"), which is a premium of 4% to the closing share price on 30 September 2020, 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      5,480,453         252,218,869       591,349,950        30.7% 
                  ----------------  ----------------  -----------------  --------------- 
 Peter Taylor      2,740,227         44,145,146        62,596,872         3.2% 
                  ----------------  ----------------  -----------------  --------------- 
 Paula Brancato    2,740,227         2,740,227         2,740,227          0.1% 
                  ----------------  ----------------  -----------------  --------------- 
 

*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 stock 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.

Warrants and Options in issue

Following the above issue of Warrants, the total number of warrants in issue is 603,490,825 equating to 30.2% of the Company's enlarged share capital assuming full exercise of all warrants and also stock options.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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                 + 44 20 3470 0470 
 Stuart Gledhill 
  Caroline Rowe 
 
 Turner Pope Investments 
  (TPI) Limited 
  Joint Broker 
  Andy Thacker 
  Zoe Alexander                + 44 20 3657 0050 
 Whitman Howard Limited 
  Joint Broker 
  Nick Lovering                + 44 20 7659 1234 
 

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:                              Peter Taylor 
     ---------------------------------  ------------------------------------------ 
 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) 
                                            0.39 pence    2,740,227 
                                                         ---------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.39 pence    2,740,227 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           1 October 2020 
                                          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) 
                                            0.39 pence    2,740,227 
                                                         ---------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.39 pence    2,740,227 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           1 October 2020 
                                          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) 
                                            0.39 pence    5,480,453 
                                                         ---------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single Transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.39 pence    5,480,453 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           1 October 2020 
                                          07:00 BST 
     ---------------------------------  ------------------------------------------ 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
     ---------------------------------  ------------------------------------------ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCEAPNEDSLEEFA

(END) Dow Jones Newswires

October 01, 2020 02:00 ET (06:00 GMT)

Grafico Azioni Tower Resources (LSE:TRP)
Storico
Da Ago 2021 a Set 2021 Clicca qui per i Grafici di Tower Resources
Grafico Azioni Tower Resources (LSE:TRP)
Storico
Da Set 2020 a Set 2021 Clicca qui per i Grafici di Tower Resources