Tower Resources plc Announces Exercise of Warrants

Source: www.gulfoilandgas.com 10/1/2024, Location: Africa

Tower Resources plc, the AIM listed oil and gas company with its focus on Africa , announces the following exercise of Warrants.

On 30 September 2024, a broker to the Company, exercised warrants over 140,000,000 Ordinary shares at an exercise price of 0.018p per share providing £25,200 of cash proceeds to the Company.

Application has been made for the resulting 140,000,000 Ordinary shares issued on exercise of the Warrants to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on or around 4 October 2024. The new ordinary shares will, when admitted, rank pari passu in all respects with the existing ordinary shares.

The total number of outstanding warrants is now 1,659,323,298 representing approximately 7.7 per cent of the fully diluted share capital of the Company upon exercise of all warrants and options.

Following Admission of the above Ordinary Shares, the Company's enlarged issued share capital will comprise 17,973,837,424 Ordinary Shares of 0.001 pence each with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.


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