Tower Resources plc (“Tower” or the “Company”), (TRP.L, TRP LN), the AIM listed Africa focused oil and gas exploration company, announces that further to the news release made by the Company on 25 July 2013 in relation to a Placing and a subsequent Open Offer, the Company has now issued an aggregate of 19,672,972 warrants to Directors in sacrifice of an aggregate of £130,000 of fees and salaries.

The warrants expire on 26 July 2018 and have an exercise price of 1.225p per share being the middle market price of the Company’s shares at the close of business yesterday.

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

Jeremy Asher4,539,91730,000
Graeme Thomson4,539,91730,000
Peter Blakey4,539,91730,000
Peter Taylor4,539,91730,000
Philip Swatman1,513,30610,000

Tower has also agreed to issue 1,410,918 ordinary shares in the capital of the Company (“Ordinary Shares”) to a supplier in part payment for services. The new Ordinary Shares will rank pari passu in all respects with the Company’s existing Ordinary Shares and application has been made for the new Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange. Dealings are likely to commence on 31 July 2013.

Following this allotment and in accordance with Disclosure and Transparency Rules, the Company’s issued ordinary share capital is now comprised of 2,427,406,411 Ordinary Shares of 0.1 pence each with voting rights.

The above figure 2,427,406,411 may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Tower under the FCA’s Disclosure and Transparency Rules

Tower Resources

Jeremy Asher (Chairman)
Graeme Thomson (CEO)
Andrew Matharu (VP – Corporate Affairs)
+44 20 7253 6639

Peel Hunt LLP

(Nominated Adviser and Joint Broker)
Richard Crichton/Andy Crossley
+44 20 7418 8900

GMP Securities Europe LLP (Joint Broker)

Rob Collins/Liz Williamson
+44 20 7647 2800

Vigo Communications

Chris McMahon/Peter Reilly
+44 20 7016 9570

Directors’ Interests

The following table sets out the Directors’ shareholdings and percentage interests in the issued share capital of the Company after the Placing but before the Open Offer, together with their interests in warrants and options:

 Post Placing Shareholding% of Issued Share Capital Post PlacingNumber of OptionsNumber of Warrants
Jeremy Asher275,000,00011.34 11,453,130
Graeme Thomson16,500,0000.6820,000,0005,998,351
Peter Taylor105,763,5494.36 9,196,615
Peter Blakey98,296,8824.05 9,196,615
Philip Swatman3,500,0000.141,500,0001,999,450


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