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Tower Resources issues share warrants to directors

The warrants are being issued in lieu of cash payments, in order to preserve working capital
oil and gas operations
The warrants remain valid for a five-year period

Tower Resources PLC (LON:TRP) has issued share warrants to its directors, in lieu of fees, in order to preserve the company’s working capital.

The warrants, which represent £15,000 of cash payments, will be exercisable at 1p per share (a 29% premium to the most recent closing price) and expire in five years.

READ: Tower Resources advances preparations for Thali project drill campaign

Chief executive Jeremy Asher receives 1.27mln warrants, which along with other warrants held would give him 10.3% of the company’s shares upon exercise, while non-executive directors Peter Taylor and Graeme Thomson will both receive 635,593 new warrants.

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