TOWER RESOURCES PLC

Share Issue/Capital Change • Jan 22, 2025

National Storage Mechanism | Additional information

RNS Number : 3594U

Tower Resources PLC

22 January 2025

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
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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IOEBTMPTMTMTBBA