Last checked at 4 Jun 2010 13:58
PRESS RELEASE
Tower Resources plc
("Tower" or "the Company")
Issue of Warrants
The Company announces that on the 28th May 2010 it issued a total of 6,339,622 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
| 1,509,434 | 1.325p | 28th May 2011 | 28th May 2013 |
| Peter Blakey | 1,509,434 | 1.325p | 28th May 2011 | 28th May 2013 |
| Peter Taylor | 1,509,434 | 1.325p | 28th May 2011 | 28th May 2013 |
| Mark Savage | 905,660 | 1.325p | 28th May 2011 | 28th May 2013 |
| Jeremy Asher | 905,660 | 1.325p | 28th May 2011 | 28th May 2013 |
These warrants were issued in lieu of fees to be waived by directors for the forthcoming period May 2010 to April 2011, to reduce overhead cost to working capital. The fees to be foregone are summarised below (£):-
| Name | May 10 - April 11 | May 10 - October 10 | Total | |||||||
| Peter Kingston |
| 20,000 | 20,000 | |||||||
| Peter Blakey | 20,000 |
| 20,000 | |||||||
| Peter Taylor | 20,000 |
| 20,000 | |||||||
| Mark Savage | 12,000 |
| 12,000 | |||||||
| Jeremy Asher | 12,000 |
| 12,000 | |||||||
|
The Tower Board further agreed on 28th May 2010 that the period during which all existing share option agreements with Peter Kingston, Jim Webb, Frank Collar and Marilyn Hill may be exercised be extended by two years, from a period of 5 years from each option's date of grant to a period of 7 years from that date.
For more information on Tower Resources, please visit; www.towerresources.co.uk For further information please contact:
|
| |||||||||
| Astaire Securities (NOMAD and Joint Broker) | 020 7448 4400 |
| ||||||||
| Jerry Keen (Broking) Gavin Burnell / Shane Gallwey (NOMAD) |
|
| ||||||||
|
|
|
| ||||||||
| Westhouse Securities (Joint Broker) | 020 7601 6100 |
| ||||||||
| Tim Feather |
|
| ||||||||
|
|
|
| ||||||||
| Walbrook PR | 020 7933 8780 |
| ||||||||
| Paul McManus / Leah Kramer |
|
| ||||||||
|
|
| |||||||||