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 2023 to 31 March 2023, to conserve the Company's working capital. The issue of warrants in lieu of fees usually takes place at the beginning of each calendar quarter, but at the end of December 2022 the usual issue was deferred due to a MAR restricted period..
The warrants are exercisable at a strike price of 0.175 pence ("Warrants"), which is a premium of 8% to the mid-point closing share price on 14 February 2023. 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 5,822,981 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 2023 to 31 March 2023.
Warrants in issue
Following the above issue of Warrants, and the retirement of 435,187,412 warrants which have expired since 30 September 2022, the total number of Warrants in issue is 498,052,591 equating to 10.8% of the Company's enlarged share capital assuming full exercise of all warrants and share options.
