Business
Issue of warrants
Issue of warrants.
About this update from Tower Resources Plc
[{"type":"text","content":"\n RNS Number : 3540S Tower Resources PLC 15 May 2009 \n \n\n\n\nTower Resources plc ('Tower') or ('the Company')\n\nThe Company announces that it has issued a total of 4,300,002 warrants to Peter Kingston, Peter Blakey, Peter Taylor, Mark Savage, Jeremy Asher and Marilyn Hill, General Manager of the Ugandan operations, as detailed below:-\n\n\n\n\n\nName\n\n\nWarrants\n\n\nExercise\nPrice\n\n\nDate from which the warrants are exercisable\n\n\nExpiry of warrants\n\n\n\n\nPeter Kingston\n\n\n1,500,000\n\n\n3p\n\n\n20 April 2010\n\n\n20 April 2012\n\n\n\n\nPeter Blakey\n\n\n833,334\n\n\n3p\n\n\n20 April 2010\n\n\n20 April 2012\n\n\n\n\nPeter Taylor \n\n\n833,334\n\n\n3p\n\n\n20 April 2010\n\n\n20 April 2012\n\n\n\n\nMark Savage\n\n\n400,000\n\n\n3p\n\n\n20 April 2010\n\n\n20 April 2012\n\n\n\n\nJeremy Asher\n\n\n400,000\n\n\n3p\n\n\n20 April 2010\n\n\n20 April 2012\n\n\n\n\nMarilyn Hill\n\n\n333,334\n\n\n3p\n\n\n20 April 2010\n\n\n20 April 2012\n\n\n\n\n\nThe warrant exercise price was determined by the Board of the Company in reference to the placing price of the placing of 42,883,334 shares announced on 21 April 2009. These warrants were issued in lieu of fees waived by directors, to reduce overhead cost to working capital, since November 2008 and to be foregone until end October 2009. The fees foregone are summarised below (£):-\n\n\n\n\nName\n\n\nNov 08 - Apr 09\n\n\nMay - Oct 09\n\n\nTotal\n\n\n\n\nPeter Kingston\n\n\n15,000\n\n\n30,000\n\n\n45,000\n\n\n\n\nPeter Blakey\n\n\n12,500\n\n\n12,500\n\n\n25,000\n\n\n\n\nPeter Taylor\n\n\n12,500\n\n\n12,500\n\n\n25,000\n\n\n\n\nMark Savage\n\n\n6,000\n\n\n6,000\n\n\n12,000\n\n\n\n\nJeremy Asher\n\n\n6,000\n\n\n6,000\n\n\n12,000\n\n\n\n\nMarilyn Hill\n\n\n-\n\n\n10,000\n\n\n10,000\n\n\n\n\n\nFor further information please contact:\nTower Resources plc www.towerresources.co.uk\nPeter Kingston, Chairman  ...