Grant of Options under Annual Long Term Incentive Plan

Source: www.gulfoilandgas.com 4/1/2021, Location: Europe

Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, announces that it has made an annual award of share options under its Long Term Incentive plan, and has also issued warrants in lieu of fees to Directors and to one of its contractors in respect of the second quarter of 2021.

The share options (the "Options") over a total of 88 million new ordinary shares ("Shares") in the capital of the Company were awarded on 31 March 2021 at an exercise price of 0.45 pence per ordinary share, being a premium of 43% over the closing price of the Shares on that day. The Options will vest in three equal tranches being 12, 24 and 36 months respectively after issue and will expire, if not previously exercised, on the fifth anniversary of their issue, and will be governed by the terms of the Company's existing share option scheme (the "Scheme"). The award of options under the Long Term Incentive plan is an annual event, which normally takes place in the first quarter of each year, but was delayed in 2020 due to a closed period and other factors.

The Company also announces the following issue of warrants to Directors in lieu of fees.

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 2021 to 30 June 2021, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.45 pence ("Warrants"), which is a premium of 43% to the closing share price of 0.315 pence per share on 31 March 2021, and is the same strike price used for the Company's recently awarded Long Term Incentive Options for management, and are exercisable for a period of 5 years from the date of issue.


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