Business
Issue of Warrants to Directors, Director Dealing
Issue of Warrants to Directors, Director Dealing.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8661G\n Tower Resources PLC\n 01 April 2022\n \n \n \n \n 1 April 2022\n \n \n \n \n \n Tower Resources plc\n \n \n Issue of Warrants to Directors\n \n \n Director Dealings\n \n \n \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 and a consultant to the Company 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 April 2022 to 30 June 2022, to conserve the Company's working capital. \n \n \n The warrants are exercisable at a strike \n price of \n 0.2625 pence\n (\"Warrants\"), which is just above the most recent placing announced on 14 January 2022 and equal \n to the closing share price of \n 0.2625 pence per share on 31 March 2022. The Warrants are \n exercisable for a period of 5 years from the date of issue and those 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 7,940,709\n \n \n \n \n 283,111,442\n \n \n \n \n 651,857,907\n \n \n \n \n 18.9%\n \n \n \n \n \n \n Paula Brancato\n \n \n \n \n 3,970,355\n \n \n \n \n 24,649,015\n \n \n \n \n 24,649,015\n \n \n \n \n 0.7%\n \n \n \n \n \n \n Mark Enfield\n \n \n \n \n 3,970,355\n \n \n \n \n 22,805,167\n \n \n \n \n 24,682,713\n \n \n \n \n 0.7%\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 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 positio...