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:-
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
Tower Resources plc
Peter Kingston, Executive Chairman 07802 804852
Peter Reilly, Investor Relations Manager 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
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