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Pin to quick picksTower Resources Regulatory News (TRP)

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Issue of Warrants and options

20 May 2011 07:00

RNS Number : 9689G
Tower Resources PLC
20 May 2011
 



Tower Resources plc

Issue of warrants, options and extension of warrant exercise period

Tower Resources plc ("Tower" or "the Company"), the AIM-listed oil and gas exploration company, announces that on the 19th May 2011 it issued a total of 1,716,893 warrants to the Directors of the Company. These warrants are exercisable at a price of 5.475p (being the closing middle market price on 18 May 2011) from the first anniversary of the date of issue and to the fifth anniversary of the date of issue. They were respectively issued in lieu of fees to be waived by the non-executive Directors for the forthcoming period May 2011 to April 2012 and in lieu of a waiver by Peter Kingston of £30,000 of his annual salary, to conserve the Company's working capital.

The warrants issued and the respective fees/salary to be foregone are detailed below:-

Name

Warrants

£

Peter Kingston

547,945

30,000

Jeremy Asher

219,178

12,000

Mark Savage

219,178

12,000

Peter Blakey

365,296

20,000

Peter Taylor

365,296

20,000

 

A total of 9,000,000 options have also been granted under the Company's unapproved share option scheme, including 3,000,000 options issued to Peter Kingston. These options are also exercisable at a price of 5.475p from the first anniversary of the date of grant to the seventh anniversary of the date of grant.

 

The Company's Compensation Committee further agreed that the period during which all existing warrants may be exercised be extended by two years, from a period of 3 years from each warrant's date of issue to a period of 5 years from that date.

 

For more information on Tower Resources, please visit; www.towerresources.co.uk

For further information please contact:

Tower Resources plc

Peter Kingston, Executive Chairman

Peter Reilly, Investor Relations Manager

07802 804852

07881 920542

Northland Capital Partners (NOMAD and Joint Broker)

0207 796 8800

Charles Vaughan (Broking)

Gavin Burnell / Edward Hutton (NOMAD)

Evolution Securities (Joint Broker)

Garry Levin, Chris Sim, Anu Tayal

0207 071 4300

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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