Tower Resources plc (“Tower” or the “Company”), LN: TRP, the AIM listed oil and gas exploration company, announces that further to the news release made by the Company on 30 July 2012 the Company has issued in aggregate 10,014,581 warrants to Directors in sacrifice of an aggregate of £206,000 of fees and salaries.

The warrants expire on 28 July 2017 and have an exercise price of 3.225p per share being the middle market price of the Company’s shares at the close of business today.

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

  Warrants £
Jeremy Asher 5,153,135 106,000
Graeme Thomson 1,458,434 30,000
Peter Blakey 1,458,434 30,000
Peter Taylor 1,458,434 30,000
Philip Swatman 486,144 10,000

The total number of outstanding warrants and options is now 58,819,199, representing 3.6 per cent of the issued share capital of the Company.

Tower Resources

Graeme Thomson (CEO)
+44 7930 405 921

Northland Capital Partners Limited

(Nominated Adviser and Joint Broker)
Gavin Burnell / Edward Hutton
John Howes / Alice Lane (Broking)
020 7796 8800

Investec (Joint Broker)

Ben Colegrave, Chris Sim
0207 597 4000

M Communications

Patrick d’Ancona, Chris McMahon, Andrew Benbow
020 7920 2358

Directors Interests

The following table sets out the Directors shareholdings and percentage interests in the issued share capital of the Company together with interests in warrants and options:

  Shareholding % of issued share capital Number of Options Number of Warrants
Jeremy Asher 184,250,000 11.3   6,913,273
Graeme Thomson 5,000,000 0.3 20,000,000 1,458,434
Peter Taylor 99,019,105 6.1   4,656,698
Peter Blakey 96,519,105 5.9   4,656,698
Philip Swatman 2,500,000 0.2 1,500,000 486,144


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