Tower Resources plc (the "Company" or "Tower"), the AIM listed oil and gas company with its focus on Africa, announces the following issue of warrants to Stacey Kivel in lieu of director fees, following her recent appointment as a Non-Executive Director of the Company.
Warrants are being issued in lieu of Directors fees to Ms Kivel in the same quantity and on the same terms as those issued to Paula Brancato and Mark Enfield (as Non-Executive Directors) on July 1, 2024, to cover the period ending 30 September 2024.
The warrants are exercisable at a strike price of 0.018 pence ("Warrants"), which is now in line with the mid-point closing share price on 12 August 2024. The Warrants are exercisable for a period of 5 years from July 1, 2024 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.
Warrants in issue
Following the above issue of Warrants the total number of Warrants in issue is 1,799,323,298 equating to 8.5% of the Company's enlarged share capital assuming full exercise of all warrants and share options.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
