Issue of warrants

RNS Number : 3540S

Tower Resources PLC

15 May 2009

 



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

The Company announces that it has issued a total of 4,300,002 warrants to Peter Kingston, Peter Blakey, Peter Taylor, Mark Savage, Jeremy Asher and Marilyn Hill, General Manager of the Ugandan operations, as detailed below:-

Name	Warrants	Exercise Price	Date from which the warrants are exercisable	Expiry of warrants
Peter Kingston	1,500,000	3p	20 April 2010	20 April 2012
Peter Blakey	833,334	3p	20 April 2010	20 April 2012
Peter Taylor	833,334	3p	20 April 2010	20 April 2012
Mark Savage	400,000	3p	20 April 2010	20 April 2012
Jeremy Asher	400,000	3p	20 April 2010	20 April 2012
Marilyn Hill	333,334	3p	20 April 2010	20 April 2012

The warrant exercise price was determined by the Board of the Company in reference to the placing price of the placing of 42,883,334 shares announced on 21 April 2009. These warrants were issued in lieu of fees waived by directors, to reduce overhead cost to working capital, since November 2008 and to be foregone until end October 2009. The fees foregone are summarised below (£):-

Name	Nov 08 - Apr 09	May - Oct 09	Total
Peter Kingston	15,000	30,000	45,000
Peter Blakey	12,500	12,500	25,000
Peter Taylor	12,500	12,500	25,000
Mark Savage	6,000	6,000	12,000
Jeremy Asher	6,000	6,000	12,000
Marilyn Hill	-	10,000	10,000

For further information please contact:

Tower Resources plc                                              www.towerresources.co.uk

Peter Kingston, Chairman                                          07802 804852

Blue Oar Securities (NOMAD and Broker)

Jerry Keen/Andrew Raca                                            020 7448 4400

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

Peter Reilly                                                                   0118 979 4100

 

END

 

 

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