Tower Resources Announces Issue of Warrants to Directors

Source: www.gulfoilandgas.com 7/1/2022, Location: Europe

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 July 2022 to 30 September 2022, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.295 pence ("Warrants"), which is the same as the closing share price of 0.295 pence per share on 30 June 2022. 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 3,366,248 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 July 2022 to 30 September 2022.

Warrants in issue
Following the above issue of Warrants, the total number of Warrants in issue is 775,494,502 equating to 20.9% of the Company's enlarged share capital assuming full exercise of all warrants and share options.


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