Business
Issue of Shares in lieu of fees
Issue of Shares in lieu of fees.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7546D\n Tower Resources PLC\n 01 July 2021\n \n \n \n \n 1 July 2021\n \n \n \n \n \n Tower Resources plc\n \n \n Issue of Shares in lieu of fees to Oilfield International Ltd\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 that it has issued 6,320,000 Ordinary shares in the Company (the \"Fee Shares\") to Oilfield International Ltd (OIL), in lieu of fees to the value of £15,800. The Company also announces the following issue of warrants to Directors in lieu of fees. \n The Company has issued shares at an effective issue price of 0.25p per share in lieu of fees to OIL, which compiled asset reserves and resources valuation reports for Tower covering the Thali PSC, offshore Cameroon, in November 2018 and March 2020.\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 July 2021 to 30 September 2021, to conserve the Company's working capital. \n \n \n The warrants are exercisable at a strike \n price of \n 0.25 pence\n (\"Warrants\"), which is a \n premium of \n 16% to the closing share price of 0.215 pence per share on 30 June 2021, \n 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 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 9,894,459\n \n \n \n \n 274,670,619\n \n \n \n \n 623,801,700\n \n \n \n \n 24.9%\n \n \n \n \n \n \n Paula Brancato\n \n \n \n \n 4,947,230\n \n \n \n \n 13,966,103\n \n \n \n \n 13,966,103\n \n \n \n \n 0.6%\n \n \n \n \n \n \n Mark Enfield\n \n \n \n \n 4,947,230\n \n \n \n \n 12,122,255\n \n \n \n \n 13,999,801\n \n \n \n \n 0.6%\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 base...