Tower Resources Announces Issue of Warrants to Directors

Source: www.gulfoilandgas.com 10/3/2022, Location: Africa

Tower Resources plc, 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 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 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:

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.


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