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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tower Resources Plc | LSE:TRP | London | Ordinary Share | GB00BZ6D6J81 | ORD GBP0.00001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.02 | 0.019 | 0.021 | 0.02 | 0.02 | 0.02 | 37,025,014 | 08:00:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 0 | -1.01M | -0.0001 | -2.00 | 1.69M |
TIDMTRP
RNS Number : 4426B
Tower Resources PLC
03 October 2022
3 October 2022
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 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 October 2022 to 31 December 2022, 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 28% to the closing share price on 30 September 2022 and a premium of 43% to the most recent placing price of 0.175 pence . 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 10,445,682 300,289,620 8 11,893,228 18.6% ---------------- ---------------- ----------------- --------------- Paula Brancato 5,222,841 33,238,104 3 3,238,104 0.8% ---------------- ---------------- ----------------- --------------- Mark Enfield 5,222,841 31,394,256 3 3,271,802 0.8% ---------------- ---------------- ----------------- ---------------
*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 5,222,841 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 October 2022 to 31 December 2022.
Warrants in issue
Following the above issue of Warrants, the total number of Warrants in issue is 812,196,935 equating to 17.1% 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 +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 Novum Securities Limited Joint Broker Jon Bellis + 44 20 7399 Colin Rowbury 9400 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 5,222,841 ---------- --------------------------------- ------------------------------------------ d) Aggregated information: Single transaction Aggregated volume: as in 4 c) above Price(s) Volume(s) Price: 0.25 pence 5,222,841 --------------------------------- ------------------------------------------ e) Date of the transaction: 3 October 2022 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 5,222,841 ---------- --------------------------------- ------------------------------------------ d) Aggregated information: Single transaction Aggregated volume: as in 4 c) above Price(s) Volume(s) Price: 0.25 pence 5,222,841 --------------------------------- ------------------------------------------ e) Date of the transaction: 3 October 2022 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 10,445,682 ----------- --------------------------------- ------------------------------------------ d) Aggregated information: Single Transaction Aggregated volume: as in 4 c) above Price(s) Volume(s) Price: 0.25 pence 10,445,682 --------------------------------- ------------------------------------------ e) Date of the transaction: 3 October 2022 07:00 BST --------------------------------- ------------------------------------------ f) Place of the transaction: Outside a trading venue --------------------------------- ------------------------------------------
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October 03, 2022 02:00 ET (06:00 GMT)
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