Issue of Warrants to Directors
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Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces the following issue of warrants to Stacey Kivel in lieu of director fees, following her recent appointment as a Non-Executive Director of the Company.
Warrants are being issued in lieu of Directors fees to Ms Kivel in the same quantity and on the same terms as those issued to Paula Brancato and Mark Enfield (as Non-Executive Directors) on July 1, 2024, to cover the period ending 30 September 2024.
The warrants are exercisable at a strike price of 0.018 pence ("Warrants"), which is now in line with the mid-point closing share price on 12 August 2024. The Warrants are exercisable for a period of 5 years from July 1, 2024 and those being issued are detailed below:
| Director | Number of Warrants being issued | Total number of Warrants held including this issue | Shareholding upon exercise of total number of Warrants held | % of issued share capital upon exercise of Warrants |
|---|---|---|---|---|
| Stacey Kivel | 71,428,571 | 71,428,571 | 71,428,571 | 0.36% |
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.
Warrants in issue
Following the above issue of Warrants the total number of Warrants in issue is 1,799,323,298 equating to 8.5% of the Company's enlarged share capital assuming full exercise of all warrants and share options.
| a) | Name: | Stacey Kivel | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | Non-Executive Director | ||||
| b) | Initial notification/Amendment: | Initial notification | ||||
| a) | Name: | Tower Resources PLC | ||||
| b) | LEI: | 2138002J9VH6PN7P2B09 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary Shares of 0.001 pence each GB00BZ6D6J81 | ||||
| b) | Nature of the transaction: | Warrants in lieu of Directors fees | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.018 pence 71,428,571 | ||||
| e) | Date of the transaction: | 13 August 2024 07:00 BST | ||||
| f) | Place of the transaction: | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.