Last checked at 17 Dec 2009 10:22
TOWER RESOURCES PLC
17 DECEMBER 2009
Tower Resources plc ("Tower") or ("the Company")
The Company announces that on the 15th December 2009 it issued a total of 2,235,318 warrants to Peter Kingston, Peter Blakey, Peter Taylor, Mark Savage and Jeremy Asher as detailed below:-
| Name | Warrants | Exercise Price | Date from which the warrants are exercisable | Expiry of warrants |
| Peter Kingston | 784,318 | 2.55p | 15 December 2010 | 15 December 2012 |
| Peter Blakey | 490,200 | 2.55p | 15 December 2010 | 15 December 2012 |
| Peter Taylor | 490,200 | 2.55p | 15 December 2010 | 15 December 2012 |
| Mark Savage | 235,300 | 2.55p | 15 December 2010 | 15 December 2012 |
| Jeremy Asher | 235,300 | 2.55p | 15 December 2010 | 15 December 2012 |
These warrants were issued in lieu of fees waived by directors, to reduce overhead cost to working capital. The Directors have forgone fees since November 2008 and this latest grant of warrants is for fees relating to the period from November 2009 until end April 2010. The fees foregone are summarised below (£):-
| Name | Nov 08 - Oct 09 | Nov 09 - April 10 | Total |
| Peter Kingston | 45,000 | 20,000 | 65,000 |
| Peter Blakey | 25,000 | 12,500 | 37,500 |
| Peter Taylor | 25,000 | 12,500 | 37,500 |
| Mark Savage | 12,000 | 6,000 | 18,000 |
| Jeremy Asher | 12,000 | 6,000 | 18,000 |
For further information please contact:
Tower Resources plc www.towerresources.co.uk
Peter Kingston, Chairman 07802 804852
Astaire Securities (NOMAD and Broker)
Lindsay Mair / Jerry Keen 020 7448 4400
Aquila Financial Limited (PF) www.aquila-financial.com
Peter Reilly 0118 979 4100