Exercise of Warrants

RNS Number : 0592A
Tower Resources PLC
14 February 2014
 

Tower Resources plc

Exercise of Warrants

14 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 Warrants.

On 13 February 2014, a former Director of the Company, exercised rights over 1,540,960 Ordinary shares comprised of 905,660 Warrants at an exercise price of 1.325p per share, 235,300 Warrants at an exercise price of 2.55p and 400,000 Warrants at an exercise price of 3.0p per share, at an exercise cost of £30,000.

Application has been made for the resulting 1,540,960 Ordinary shares issued on exercise of the Warrants to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on or around 19 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 104,157,794 representing 3.77 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 2,662,015,692 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)
+44 20 7253 6639

 

Peel Hunt LLP (Nominated Adviser and Joint Broker)

Richard Crichton/Charles Batten
+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 9572

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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