Last checked at 15 May 2009 14:02
Tower Resources plc ("Tower") or ("the Company")
The Company announces that it has issued a total of 4,300,002 warrants to Peter Kingston, Peter Blakey, Peter Taylor, Mark Savage, Jeremy Asher and Marilyn Hill, General Manager of the Ugandan operations, as detailed below:-
| Name | Warrants | Exercise Price | Date from which the warrants are exercisable | Expiry of warrants |
| Peter Kingston | 1,500,000 | 3p | 20 April 2010 | 20 April 2012 |
| Peter Blakey | 833,334 | 3p | 20 April 2010 | 20 April 2012 |
| Peter Taylor | 833,334 | 3p | 20 April 2010 | 20 April 2012 |
| Mark Savage | 400,000 | 3p | 20 April 2010 | 20 April 2012 |
| Jeremy Asher | 400,000 | 3p | 20 April 2010 | 20 April 2012 |
| Marilyn Hill | 333,334 | 3p | 20 April 2010 | 20 April 2012 |
The warrant exercise price was determined by the Board of the Company in reference to the placing price of the placing of 42,883,334 shares announced on 21 April 2009. These warrants were issued in lieu of fees waived by directors, to reduce overhead cost to working capital, since November 2008 and to be foregone until end October 2009. The fees foregone are summarised below (£):-
| Name | Nov 08 - Apr 09 | May - Oct 09 | Total |
| Peter Kingston | 15,000 | 30,000 | 45,000 |
| Peter Blakey | 12,500 | 12,500 | 25,000 |
| Peter Taylor | 12,500 | 12,500 | 25,000 |
| Mark Savage | 6,000 | 6,000 | 12,000 |
| Jeremy Asher | 6,000 | 6,000 | 12,000 |
| Marilyn Hill | - | 10,000 | 10,000 |
For further information please contact:
Tower Resources plc www.towerresources.co.uk
Peter Kingston, Chairman 07802 804852
Blue Oar Securities (NOMAD and Broker)
Jerry Keen/Andrew Raca 020 7448 4400
Aquila Financial Limited (PF) www.aquila-financial.com
Peter Reilly 0118 979 4100