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.
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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.