Source - LSE Regulatory
RNS Number : 2119K
Tower Resources PLC
31 December 2020
 

31 December 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 £30,000 (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 January 2021 to 31 March 2021, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.45 pence ("Warrants"), which is a premium of 29% to the closing share price of 0.35 pence per share on 30 December 2020, and is the same strike price used for the company's recent Long Term Incentive options for management, and are exercisable for a period of 5 years from the date of issue. The Warrants being issued are detailed below:

 

Director

Number of Warrants being issued

Total number of Warrants held including this issue*

Shareholding upon exercise of total number of Warrants held

% of issued share capital upon exercise of Warrants

Jeremy Asher

6,058,158

258,277,027

597,408,108

30.7%

Paula Brancato

3,029,079

5,769,306

5,769,306

0.3%

Mark Enfield

3,029,079

3,925,458

5,802,602

0.3%

*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 620,444,335 equating to 29.5% 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:

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 instrument, type of instrument:

Identification code:

Ordinary Shares of 0.001 pence each

GB00BZ6D6J81

 

b)

Nature of the transaction:

Warrants in lieu of Directors fees

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.45 pence

3,029,079

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.45 pence

3,029,079

 

 

 

e)

Date of the transaction:

31 December 2020

07:00 GMT

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 instrument, type of instrument:

Identification code:

Ordinary Shares of 0.001 pence each

GB00BZ6D6J81

 

b)

Nature of the transaction:

Warrants in lieu of Directors fees

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.45 pence

3,029,079

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.45 pence

3,029,079

 

 

 

e)

Date of the transaction:

31 December 2020

07:00 GMT

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 instrument, type of instrument:

Identification code:

Ordinary Shares of 0.001 pence each

GB00BZ6D6J81

 

b)

Nature of the transaction:

Warrants in lieu of Directors fees

 

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.45 pence

6,058,158

 

d)

Aggregated information:

Aggregated volume:

Price:

Single Transaction as in 4 c) above

Price(s)

Volume(s)

0.45 pence

6,058,158

 

 

 

e)

Date of the transaction:

31 December 2020

07:00 GMT

f)

Place of the transaction:

Outside a trading venue

 

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