Tower Resources PLC Issue of Warrants to Directors

RNS Number : 1594A

Tower Resources PLC

13 August 2024

 

13 August 2024

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 Stacey Kivel in lieu of director fees, following her recent appointment as a Non-Executive Director of the Company.

 

Warrants are being issued in lieu of Directors fees to Ms Kivel in the same quantity and on the same terms as those issued to Paula Brancato and Mark Enfield (as Non-Executive Directors) on July 1, 2024, to cover the period ending 30 September 2024.  

 

The warrants are exercisable at a strike price of 0.018 pence ("Warrants"), which is now in line with the mid-point closing share price on 12 August 2024. The Warrants are exercisable for a period of 5 years from July 1, 2024 and those 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
Stacey Kivel	71,428,571	71,428,571	71,428,571	0.36%

 

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.

 

Warrants in issue

Following the above issue of Warrants the total number of Warrants in issue is 1,799,323,298 equating to 8.5% 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	[phone]
BlytheRay Financial PR Tim Blythe Megan Ray	[phone]
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Stuart Gledhill Caroline Rowe	[phone]
Novum Securities Limited Joint Broker Jon Beliss Colin Rowbury	[phone]
Axis Capital Markets Limited Joint Broker Richard Hutchison	[phone]
Panmure Gordon (UK) Limited Joint Broker John Prior Hugh Rich	[phone]

 

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:	Stacey Kivel
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) 0.018 pence 71,428,571
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.018 pence 71,428,571
e)	Date of the transaction:	13 August 2024 07:00 BST
f)	Place of the transaction:	Outside a trading venue

 

 

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