Business
Issue of Director Warrants
Issue of Director Warrants.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2119K\n Tower Resources PLC\n 31 December 2020\n \n \n \n \n 31 December 2020\n \n \n \n \n \n Tower Resources plc\n \n \n Issue of Warrants to Directors\n \n \n 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 in lieu of fees. \n \n \n 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 January 2021 to 31 March 2021, to conserve the Company's working capital. \n \n \n The warrants are exercisable at a strike price of 0.45 pence (\"Warrants\"), which is a premium of 29% to the closing share price of 0.35 pence per share on 30 December 2020, and is the same strike price used for the company's recent Long Term Incentive options for management, and are exercisable for a period of 5 years from the date of issue. The Warrants being issued are detailed below:\n \n \n \n \n \n \n \n \n \n Director\n \n \n \n \n Number of Warrants being issued \n \n \n \n \n Total number of Warrants held including this issue*\n \n \n \n \n Shareholding upon exercise of total number of Warrants held\n \n \n \n \n % of issued share capital upon exercise of Warrants \n \n \n \n \n \n \n Jeremy Asher \n \n \n \n \n 6,058,158\n \n \n \n \n 258,277,027\n \n \n \n \n 597,408,108\n \n \n \n \n 30.7%\n \n \n \n \n \n \n Paula Brancato\n \n \n \n \n 3,029,079\n \n \n \n \n 5,769,306\n \n \n \n \n 5,769,306\n \n \n \n \n 0.3%\n \n \n \n \n \n \n Mark Enfield\n \n \n \n \n 3,029,079\n \n \n \n \n 3,925,458\n \n \n \n \n 5,802,602\n \n \n \n \n 0.3%\n \n \n \n \n \n \n *Warrants are held at different prices. \n \n \n 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 stock 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.\n \n \n Warrants and Option...