TIDMTRP
RNS Number : 7116J
Tower Resources PLC
03 April 2018
3 April 2018
REPLACEMENT
An amendment has been made to the 'Issue of Warrants to
Directors' announcement released on 3 April 2018 at 16:51 under RNS
No. 6996J. The number of warrants being issued had previously been
incorrectly stated and have now been amended. All other details
remain unchanged.
The full amended text is shown below.
Tower Resources plc
Issue of Warrants to Directors
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 Directors in lieu of
fees.
Warrants are being issued in lieu of GBP15,000 (in aggregate) of
Directors fees to Peter Taylor and Graeme Thomson (non-executive
directors), and Jeremy Asher (as Chairman) in partial settlement of
fees due for the period from 1 April 2018 to 30 June 2018, to
conserve the Company's working capital.
The warrants are exercisable at a price of 1.5 pence
("Warrants"), which is a premium of 5% to the Company's closing
share price on 29(th) March 2018, and are exercisable for a period
of 5 years from the date of issue. The Warrants being issued are
detailed below:
Director Number Total number Shareholding % of issued
of Warrants of Warrants upon exercise share capital
being issued held* of Warrants upon exercise
of Warrants
---------------- -------------- ------------- --------------- ---------------
Peter Taylor 520,833 8,254,231 23,705,957 5.8%
---------------- -------------- ------------- --------------- ---------------
Graeme Thomson 520,833 8,254,231 13,404,998 3.3%
---------------- -------------- ------------- --------------- ---------------
Jeremy Asher 1,041,667 12,950,481 42,991,976 10.5%
---------------- -------------- ------------- --------------- ---------------
*Warrants are held at different prices.
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 stock 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.
Director Dealings and Related Party Transaction
Peter Taylor, Graeme Thomson and Jeremy Asher are considered to
be "related parties" as defined under the AIM Rules and
accordingly, the issue of Warrants to them constitutes a related
party transaction for the purposes of Rule 13 of the AIM Rules.
David M Thomas, being the sole Director independent of the
transaction, considers, having consulted with SP Angel Corporate
Finance LLP, the Company's nominated adviser, that the terms of the
issue of warrants are fair and reasonable insofar as the Company's
shareholders are concerned.
Warrants and Options in issue
Following the above issue of Warrants, the total number of
warrants in issue is 36,576,314 equating to 8.9% of the Company's
enlarged issued share capital assuming full exercise of all
warrants. The current issued share capital of the Company comprises
374,270,520 shares.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
Tower Resources info@towerresources.co.uk
plc
Jeremy Asher
Chairman and CEO
Andrew Matharu
VP - Corporate
Affairs
SP Angel Corporate
Finance LLP
Nominated Adviser
and Broker +44 20 3470 0470
Stuart Gledhill
Caroline Rowe
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM:
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH
THEM
1. Details of the person discharging managerial
responsibilities/person closely associated
--- ----------------------------------------------------------------------------
a) Name: Peter Taylor
--- --------------------------------- -----------------------------------------
2. Reason for the notification
--- ----------------------------------------------------------------------------
a) Position/status: Non-Executive
Director
--- --------------------------------- -----------------------------------------
b) Initial notification/Amendment: Initial notification
--- --------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ----------------------------------------------------------------------------
a) Name: Tower Resources
PLC
--- --------------------------------- -----------------------------------------
b) LEI: 2138002J9VH6PN7P2B09
--- --------------------------------- -----------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- ----------------------------------------------------------------------------
a) Description of the financial Ordinary Shares
instrument, type of instrument: of 1 pence each
Identification code: GB00BZ6D6J81
--- --------------------------------- -----------------------------------------
b) Nature of the transaction: Warrants in lieu
of Directors
fees
--- --------------------------------- -----------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
----------- ----------
1.5 pence 520,833
----------- ----------
--- --------------------------------- -----------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: ----------- ----------
1.5 pence 520,833
--- --------------------------------- -----------------------------------------
e) Date of the transaction: 3 April 2018
10:00 GMT
--- --------------------------------- -----------------------------------------
f) Place of the transaction: Outside a trading
venue
--- --------------------------------- -----------------------------------------
1. Details of the person discharging managerial
responsibilities/person closely associated
--- ----------------------------------------------------------------------------
a) Name: Graeme Thomson
--- --------------------------------- -----------------------------------------
2. Reason for the notification
--- ----------------------------------------------------------------------------
a) Position/status: Non-Executive
Director
--- --------------------------------- -----------------------------------------
b) Initial notification/Amendment: Initial notification
--- --------------------------------- -----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ----------------------------------------------------------------------------
a) Name: Tower Resources
PLC
--- --------------------------------- -----------------------------------------
b) LEI: 2138002J9VH6PN7P2B09
--- --------------------------------- -----------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- ----------------------------------------------------------------------------
a) Description of the financial Ordinary Shares
instrument, type of instrument: of 1 pence each
Identification code: GB00BZ6D6J81
--- --------------------------------- -----------------------------------------
b) Nature of the transaction: Warrants in lieu
of Directors
fees
--- --------------------------------- -----------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
----------- ----------
1.5 pence 520,833
----------- ----------
--- --------------------------------- -----------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: ----------- ----------
1.5 pence 520,833
--- --------------------------------- -----------------------------------------
e) Date of the transaction: 3 April 2018
10:00 GMT
--- --------------------------------- -----------------------------------------
f) Place of the transaction: Outside a trading
venue
--- --------------------------------- -----------------------------------------
1. Details of the person discharging managerial
responsibilities/person closely associated
--- ---------------------------------------------------------------------------
a) Name: Jeremy Asher
--- --------------------------------- ----------------------------------------
2. Reason for the notification
--- ---------------------------------------------------------------------------
a) Position/status: Chairman and
Chief Executive
Officer
--- --------------------------------- ----------------------------------------
b) Initial notification/Amendment: Initial notification
--- --------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ---------------------------------------------------------------------------
a) Name: Tower Resources
PLC
--- --------------------------------- ----------------------------------------
b) LEI: 2138002J9VH6PN7P2B09
--- --------------------------------- ----------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- ---------------------------------------------------------------------------
a) Description of the financial Ordinary Shares
instrument, type of instrument: of 1 pence each
Identification code: GB00BZ6D6J81
--- --------------------------------- ----------------------------------------
b) Nature of the transaction: Warrants in lieu
of Directors
fees
--- --------------------------------- ----------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
----------- ----------
1.5 pence 1,041,667
----------- ----------
--- --------------------------------- ----------------------------------------
d) Aggregated information: Single Transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: ---------- ----------
1.5
pence 1,041,667
--- --------------------------------- ----------------------------------------
e) Date of the transaction: 3 April 2018
10:00 GMT
--- --------------------------------- ----------------------------------------
f) Place of the transaction: Outside a trading
venue
--- --------------------------------- ----------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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