Tower Resources Provides Issue of Warrants to Directors

Source: www.gulfoilandgas.com 1/4/2022, Location: North America

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 (Non-Executive Directors), and Jeremy Asher (as Chairman) in settlement of fees due for the period from 1 January 2022 to 31 March 2022, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.425 pence ("Warrants"), which is the same price of the most recent placing announced on 11 August 2021 and a premium of 33% to the closing share price of 0.32 pence per share on 31 December 2021. 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 3,465,804 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 his work for the Company during the period from 1 January 2022 to 31 March 2022.

Warrants in issue
Following the above issue of Warrants, the total number of Warrants in issue is 823,946,664 equating to 25.9% of the Company's enlarged share capital assuming full exercise of all warrants and share options.


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