Issue of Warrants

RNS Number : 2866E

Tower Resources PLC

17 December 2009

 



TOWER RESOURCES PLC

17 DECEMBER 2009

Tower Resources plc ("Tower") or ("the Company")

The Company announces that on the 15th December 2009 it issued a total of 2,235,318 warrants to Peter Kingston, Peter Blakey, Peter Taylor, Mark Savage and Jeremy Asher as detailed below:-

Name	Warrants	Exercise Price	Date from which the warrants are exercisable	Expiry of warrants
Peter Kingston	784,318	2.55p	15 December 2010	15 December 2012
Peter Blakey	490,200	2.55p	15 December 2010	15 December 2012
Peter Taylor	490,200	2.55p	15 December 2010	15 December 2012
Mark Savage	235,300	2.55p	15 December 2010	15 December 2012
Jeremy Asher	235,300	2.55p	15 December 2010	15 December 2012

These warrants were issued in lieu of fees waived by directors, to reduce overhead cost to working capital. The Directors have forgone fees since November 2008 and this latest grant of warrants is for fees relating to the period from November 2009 until end April 2010. The fees foregone are summarised below (£):-

Name	Nov 08 - Oct 09	Nov 09 - April 10	Total
Peter Kingston	45,000	20,000	65,000
Peter Blakey	25,000	12,500	37,500
Peter Taylor	25,000	12,500	37,500
Mark Savage	12,000	6,000	18,000
Jeremy Asher	12,000	6,000	18,000

For further information please contact:

Tower Resources plc                                          www.towerresources.co.uk

Peter Kingston, Chairman                                      07802 804852

Astaire Securities (NOMAD and Broker)

Lindsay Mair / Jerry Keen                                       020 7448 4400

Aquila Financial Limited (PF)                              www.aquila-financial.com

Peter Reilly                                                             0118 979 4100

 

END

 

 

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