Tower Resources Announces Grant of Options under Annual Long Term Incentive Plan

Source: www.gulfoilandgas.com 8/16/2022, Location: Africa

Tower Resources plc, the AIM listed oil and gas company with its focus on Africa , announces that it has made an annual award of share options under its Long Term Incentive plan.

The share options (the "Options") over a total of 148 million new ordinary shares ("Shares") in the capital of the Company were awarded on 15 August 2022 at an exercise price of 0.30 pence per ordinary share, being a premium of 48% over the closing price of the Shares on that day. The Options will vest in three equal tranches being 12, 24 and 36 months respectively after issue and will expire, if not previously exercised, on the fifth anniversary of their issue, and will be governed by the terms of the Company's existing share option scheme (the "Scheme"). The award of options under the Long Term Incentive plan is an annual event, which normally takes place in the first quarter of each year, but was delayed in 2022 due to a closed period and other factors.

Options in issue
Following the above issue of Options, the total number of Options in issue is 392,000,000 equating to 8.30% of the Company's enlarged share capital assuming full exercise of all warrants and share options.


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