1
July 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 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 (both Non-Executive Directors), and Jeremy Asher (as
Chairman) in settlement of fees due for the period from 1 July 2024
to 30 September 2024, to conserve the Company's working
capital.
The warrants are exercisable at a
strike price of 0.018 pence ("Warrants"), which is a premium of 29%
to the mid-point closing share price on 28 June 2024. 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 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
|
|
Jeremy Asher
|
142,857,142
|
554,266,437
|
2,261,522,219
|
11.6%
|
|
Paula Brancato
|
71,428,571
|
256,129,357
|
256,129,357
|
1.3%
|
|
Mark Enfield
|
71,428,571
|
254,285,509
|
256,163,055
|
1.3%
|
*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 71,428,571 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 work for the Company
during the period from 1 July 2024 to 30 September 2024.
Warrants in issue
Following the above issue of
Warrants the total number of Warrants in issue is
1,741,482,955 equating to 8.1% 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
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
|
|
|
|
|
Axis
Capital Markets Limited
Joint Broker
Richard Hutchison
|
+44
203 026 2689
|
|
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
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:
|
1 July 2024
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
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:
|
1 July 2024
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
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
|
142,857,142
|
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Single Transaction as in 4 c)
above
|
Price(s)
|
Volume(s)
|
|
0.018 pence
|
142,857,142
|
|
|
|
|
|
e)
|
Date of the transaction:
|
1 July 2024
07:00 BST
|
|
f)
|
Place of the transaction:
|
Outside a trading venue
|