1 April 2022

Tower Resources plc

Issue of Warrants to Directors

Director Dealings

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 and a consultant to the Company in lieu of fees. 

Warrants are being issued in lieu of £30,000 (in aggregate) of Directors fees to Paula Brancato and Mark Enfield (Non-Executive Directors), and Jeremy Asher (as Chairman) in settlement of fees due for the period from 1 April 2022 to 30 June 2022, to conserve the Company's working capital.

The warrants are exercisable at a strike price of 0.2625 pence ("Warrants"), which is just above the most recent placing announced on 14 January 2022 and equal to the closing share price of 0.2625 pence per share on 31 March 2022. The Warrants are exercisable for a period of 5 years from the date of issue and those being issued are detailed below:

*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 shares 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.

The Company also announces the issue of 3,970,355 warrants, on the same terms as the Warrants issued to Directors, to Mr Duncan Rushworth, a consultant to the Company, in lieu of fees for his work for the Company during the period from 1 April 2022 to 30 June 2022.

Warrants in issue

Following the above issue of Warrants, the total number of Warrants in issue is 758,645,262 equating to 20.6% of the Company's enlarged share capital assuming full exercise of all warrants and share options.

Director Dealings

In addition, on 31 March 2022, Dr Mark Enfield, a Non-Executive Director of the Company, carried out a sale and repurchase of shares in the Company, pursuant to which he sold 69,402 Ordinary shares held in his own name, and repurchased them into Geoscience Equity Limited (in which he holds a 100% interest). Both the sale and the repurchase were priced at 0.2625 pence per share.

Following the sale and repurchase, Mr Enfield remains beneficial owner of 1,877,546 shares in the Company, now held entirely though Geoscience Equity Limited.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Contacts

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM: