22
January 2025
Tower Resources
plc
("Tower"
or the "Company")
Exercise of
Warrants
Tower Resources plc (the "Company"
or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company
with its focus on Africa, announces the following exercise of
Warrants.
On 22 January 2025, a broker to the
Company exercised rights over 271,018,518 Ordinary shares comprised
of 271,018,518 Warrants at an exercise price of 0.027p per share
and at an exercise cost of £73,175.00.
Application has been made for the
resulting 271,018,518 Ordinary shares issued on exercise of the
Warrants to be admitted to trading on AIM ("Admission"). It is
expected that Admission will occur on or around 28 January 2025.
The new ordinary shares will, when admitted, rank pari passu in all
respects with the existing ordinary shares.
The total number of outstanding
warrants and options is now 1,648,332,365 representing 5.0 per cent
of the fully diluted share capital of the Company upon exercise of
all warrants and options.
Following Admission of the above New
Ordinary Shares, the Company's enlarged issued share capital will
comprise of 29,315,709,933 Ordinary Shares of 0.001 pence each with
voting rights. 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 their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
Contacts:
|
Tower Resources plc
Jeremy Asher
Chairman & CEO
Andrew Matharu
VP
- Corporate Affairs
|
+44
20 7157 9625
|
|
BlytheRay
Financial PR
Tim Blythe
Megan Ray
|
+44
20 7138 3204
|
|
|
|
|
SP
Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Stuart Gledhill
Caroline Rowe
|
+44
20 3470 0470
|
|
Novum Securities Limited
Joint Broker
Jon Beliss
Colin Rowbury
|
+44
20 7399 9400
|
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|
|
|
Axis
Capital Markets Limited
Joint Broker
Ben Tadd
|
+44
203 026 2689
|
About Tower Resources
Tower Resources plc is an AIM listed
energy company building a balanced portfolio of energy
opportunities in Africa across the exploration and production cycle
in oil and gas and beyond. The Company's current focus is on
advancing its operations in Cameroon to deliver cash flow through
short-cycle development and rapid production with long term upside,
and de-risking attractive exploration licenses through acquiring 3D
seismic data in the emerging oil and gas provinces of Namibia and
South Africa, where world-class discoveries have recently been
made.
Tower's strategy is centred around
stable jurisdictions that the Company knows well and that offer
excellent fiscal terms. Through its Directors, staff and strategic
relationship with EPI Group, Tower has access to decades of
expertise and experience in Cameroon and Namibia, and its joint
venture with New Age builds on years of experience in South
Africa.