Exercise of Options

RNS Number : 4877A

Tower Resources PLC

20 February 2014

 

Tower Resources plc

Exercise of Options

20 February 2014

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, announces the following exercise of Options.

On 18 February 2014, a former employee of the Company, exercised rights over 1,000,000 Ordinary shares comprised of 1,000,000 Share Options at an exercise price of 2.75p per share and at an exercise cost of £27,500.

Application has been made for the resulting 1,000,000 Ordinary shares issued on exercise of the Options to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on or around 25 February 2014. The new ordinary shares will, when admitted, rank pari passu in all respects with the existing ordinary shares.

The total number of outstanding warrants and options is now 103,157,794 representing 3.73 per cent of the fully diluted share capital of the Company.

Following Admission of the above New Ordinary Shares, the Company's enlarged issued share capital will comprise of 2,663,015,692 Ordinary Shares of 0.1 pence each with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

Contacts

Tower Resources

Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
[phone]

Peel Hunt LLP (Nominated Adviser and Joint Broker)

Richard Crichton/Charles Batten
[phone]

GMP Securities Europe LLP (Joint Broker)

Rob Collins/Liz Williamson
[phone]

Vigo Communications

Chris McMahon/ Peter Reilly
[phone]

 

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