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Tower Resources PLC - Issue of shares in lieu of fees to EPI Group

RNS Number : 9749M
Tower Resources PLC
27 January 2021

27 January 2021



Tower Resources plc


("Tower" or the "Company")


Issue of shares in lieu of fees to EPI Group


Tower Resources plc (TRP.L, TRP LN), the AIM listed oil and gas company with its focus on Africa, announces that it has issued 20,000,000 Ordinary shares in the Company (the "Fee Shares") to EPI Group, in lieu of fees to the value of £65,000.

The Company has issued shares in lieu of fees to EPI Group on previous occasions, which provides geological and geophysical services to the Company under a strategic relationship that has been in place since 2015.

The issue of shares to EPI Group constitutes a related party transaction in accordance with AIM Rule 13, since Dr Mark Enfield is a director of both EPI Group and the Company. Accordingly, Jeremy Asher and Paula Brancato, acting as the independent Directors, consider, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the issue of shares to EPI Group are fair and reasonable insofar as the Company's shareholders are concerned.

Application has been made for the Fee Shares to be admitted to trading on AIM. It is expected that admission of the Fee Shares will become effective at 8.00 a.m. on or around 1 February 2021.

Following admission of the Fee Shares, the Company's enlarged issued share capital will comprise 1,729,911,416 Ordinary shares of 0.001 pence each with voting rights in the Company. 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 the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.


Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.




Tower Resources plc

+44 20 7157 9625

Jeremy Asher
Chairman and CEO


Andrew Matharu
VP - Corporate Affairs

SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker

Stuart Gledhill

Caroline Rowe


+44 20 3470 0470

ETX Capital
Joint Broker

Elliott Hance

+44 20 7392 1436

Turner Pope Investments (TPI) Limited
Joint Broker

Andy Thacker

Zoe Alexander


+44 20 3657 0050

Panmure Gordon (UK) Limited
Joint Broker

Nick Lovering

Hugh Rich


+44 20 7886 2500



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Quick facts: Tower Resources PLC

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Market: AIM
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