Tower Resources plc, 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:
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.
