TIDMTRP
RNS Number : 9357P
Tower Resources PLC
15 February 2023
15 February 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 (Non-Executive
Directors), and Jeremy Asher (as Chairman) in settlement of fees
due for the period from 1 January 2023 to 31 March 2023, to
conserve the Company's working capital. The issue of warrants in
lieu of fees usually takes place at the beginning of each calendar
quarter, but at the end of December 2022 the usual issue was
deferred due to a MAR restricted period..
The warrants are exercisable at a strike price of 0.175 pence
("Warrants"), which is a premium of 8% to the mid-point closing
share price on 14 February 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 11,645,963 228,250,056 739,853,664 17.5%
---------------- ---------------- ----------------- ---------------
Paula Brancato 5,822,981 37,217,237 37,217,237 0.9%
---------------- ---------------- ----------------- ---------------
Mark Enfield 5,822,981 39,061,085 40,938,631 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 5,822,981 warrants, on
the same terms as the Warrants issued to Directors, to Mr Duncan
Rushworth, a consultant to the Company, in lieu of fees for his
work for the Company during the period from 1 January 2023 to 31
March 2023.
Warrants in issue
Following the above issue of Warrants, and the retirement of
435,187,412 warrants which have expired since 30 September 2022,
the total number of Warrants in issue is 498,052,591 equating to
10.8% 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
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)
0.175 pence 5,822,981
----------
--------------------------------- -------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.175 pence 5,822,981
--------------------------------- -------------------------------------------
e) Date of the transaction: 15 February 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)
0.175 pence 5,822,981
----------
--------------------------------- -------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.175 pence 5,822,981
--------------------------------- -------------------------------------------
e) Date of the transaction: 15 February 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)
0.175 pence 11,645,963
-----------
--------------------------------- -------------------------------------------
d) Aggregated information: Single Transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.175 pence 11,645,963
--------------------------------- -------------------------------------------
e) Date of the transaction: 15 February 2023
07:00 BST
--------------------------------- -------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- -------------------------------------------
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END
DSHEAAALFELDEAA
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