TIDMTRP
RNS Number : 0669O
Tower Resources PLC
29 September 2023
29 September 2023
Tower Resources plc
Interim Results to 30 June 2023
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM-listed oil and gas company with a focus on Africa,
announces its Interim Results for the six months ended 30 June
2023.
HIGHLIGHTS
-- January 2023 - Institutional placing for up to $6 million via
a Facility Agreement with Energy Exploration Capital Partners LLC
("EECP") to initially raise $1.25 million. The facility provides
for further convertible advances of up to $4.75 million subject to
certain conditions;
-- March 2023 - Share issuance in accordance with the terms of
the investment deed with EEPC, of 102,543,067 new ordinary shares
of 0.001 pence each. The purchase price of 0.12 pence (0.15c) per
Ordinary Share for the settlement amount of $150,000 had been
prepaid by EEPC as part of the January 2023 advance;
-- April 2023 - Cameroon operational update covering:
o An application to Minister of Mines, Industry and
Technological Development ("MINMIDT") for a one-year extension of
the initial exploration period of the Thali PSC;
o Discussions with rig owners and operators to secure rig
availability to drill at NJOM-3;
o Potential financing via a term loan of approximately $7
million with BGFI Bank Group ("BGFI") and asset-level financing
with other parties;
o Revised resource estimates and risks for the reservoirs
connected to the NJOM-1 and the NJOM2 discovery wells, increasing
total risked pMean prospective resources to 35.4 million barrels
("bbls");
o The deployment of Paradise(R) software to conduct detailed
attribute analysis of the reprocessed 3D seismic data, identifying
and adding further confidence to the oil and gas fluid content of
target reservoirs in the Njonji-1 and Njonji-2 fault blocks.
-- May 2023 - Placing and subscription of 4,600,000,000 new
ordinary shares at 0.05p to raise GBP2.3 million (gross) with the
Company's Chairman and CEO, Jeremy Asher, subscribing for
100,000,000 new Ordinary Shares in the Placing for GBP50,000;
-- June 2023 - Namibia technical update on basin modelling work
undertaken across offshore blocks 1910A, 1911 and 1912B of the
PEL96 License. The results highlighted the potential oil-prone
sources and migration pathways for oil charge across multiple
prospects as well as the potential for stratigraphic traps in the
Dolphin Graben.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Contacts
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 + 44 20 3470
Kasia Brzozowska 0470
Novum Securities Ltd
Joint Broker
Jon Bellis + 44 20 7399
Colin Rowbury 9400
Axis Capital Markets Limited
Joint Broker +44 0203 026
Richard Hutchison 2689
Panmure Gordon (UK) Limited
Joint Broker
John Prior
Hugh Rich
+ 44 20 7886
BlytheRay 2500
Financial PR
Tim Blythe
Megan Ray +44 20 7138 3204
CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S STATEMENT FOR THE SIX
MONTHSED 30 JUNE 2023
Dear Shareholder,
We have made considerable progress towards drilling the NJOM-3
well in Cameroon, and also with our preparations for acquisition of
3D seismic data in Namibia. I had hoped we would already be able to
announce the rig contract for NJOM-3 by the end of this quarter,
however, we are currently at a very advanced stage of negotiations
on the rig contract and so we hope this will be concluded soon.
Cameroon
In Cameroon, the rig contract is the critical next step in
finalising the timing of the well, and so everything else depends
on it and naturally follows it. The rig contract will still leave a
wide operational tolerance for the well spud date, based on the
timing of the current operations which the rig is undertaking, but
it will be a firm commitment between the rig owner and the Company,
providing parameters for the timing and setting periods of notice
required for narrowing the operational tolerance, which in turn
allows us time to call for the other services required for the well
and to ensure our other contracts are aligned with the agreed
schedule and notice periods.
We are working with the Ministry of Mines, Industry and
Technological Development ("MINMIDT") on documenting the promised
license extension to reflect the rig contract and especially the
operational tolerances that it will contain. We expect the rig
contract to be conditional on the formal documentation of the
license extension, and although it is no longer feasible to spud
the well in 2023, we are still hoping to be able to spud the well
in the first half of 2024.
On the well financing side, our main priority is farm-out (or
equivalent) financing at the asset level. Our objective is still to
farm out a minority share of the license interest, which should
provide most or all of the remaining funding required for the well.
The funding requirement was most recently estimated at $13.4
million, though this estimate is always subject to change. We are
discussing this with multiple parties, and one discussion is now at
a very advanced stage. Any funding agreement will likely depend on
the rig contract and the license extension documentation being
completed. We are also still discussing credit facilities with the
local Cameroon banks, although the difficulties of reconciling
their requirements with a farm-out type of funding agreement have
led us to prioritise the farm-out discussions over the bank
discussions for the time being.
While we understand shareholder interest in the progress of all
of these discussions, we would remind shareholders that these
discussions are confidential and sensitive, and therefore we cannot
provide further details until binding agreements are executed - at
which point we will update the market.
Namibia
In Namibia, we completed our basin modelling work and shared it
with the Ministry of Mines and Energy ("MME") and with investors in
our technical update announced on 16 June. We are very pleased with
the outcome of that work, and have already begun the next phases of
work - integration of the oil seep analysis which we commissioned
and received over the summer; detailed analysis of the potential
structures and stratigraphic traps along the key oil migration
paths which we have identified; and based on those steps, an
updated prospect and lead inventory leading to the specification of
the optimal area for 3D seismic data acquisition and contractor
selection for that work. We expect to share with investors the
integration of the oil seep analysis with our basin modelling work
over the coming weeks, and we also intend to discuss it with the
industry at the Africa Oil Week and Africa Energy Week conferences
in October.
We anticipate the analysis of structures and stratigraphic traps
to take at least six months, as a number of stratigraphic traps (of
the type which have been so successfully drilled in the Orange
Basin) need to be reviewed and mapped in detail to generate updated
prospective resource volumes.
In the meantime, we are continuing to discuss both proprietary
and multi-client 3D seismic data acquisition options with various
contractors. We have also applied to the MME for an extension of
the initial exploration period of our license PEL 96, which
currently runs to 31 October 2023.
South Africa
In South Africa, the Company and the operator, New Age Energy
Algoa (Pty) Ltd ("NewAge"), have continued to discuss the possible
schedule for 3D seismic acquisition over our deep-water Outeniqua
basin lead, though we do not currently believe that it will be
feasible to undertake this work before the first half of 2025.
NewAge has also informed us of some continuing interest in their
farm-out process, however, to date there have not been any
developments warranting announcement.
In summary, we believe that we are now close to an agreement on
a rig contract for Thali, which we expect will unlock a number of
subsequent steps over the balance of this year and enable us to
drill the NJOM-3 appraisal well in the first half of 2024; and, in
Namibia, we are also building on the very exciting basin modelling
work that we completed during the first half of this year, which we
hope will also yield an updated list of prioritised leads and
volumetrics in the first half of 2024. We will announce the
conclusion of agreements and related documents as they occur.
Jeremy Asher
Chairman and Chief Executive
29 September 2023
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended Six months ended
30 June 2023 30 June 2022
(unaudited) (unaudited)
Note $ $
-------------------------------------------- ----- ------------------ --- -----------------
Revenue - -
Cost of sales - -
-------------------------------------------- ----- ------------------ --- -----------------
Gross profit - -
Other administrative expenses (330,787) (520,416)
VAT provision - -
-------------------------------------------- ----- ------------------ --- -----------------
Total administrative expenses (330,787) (520,416)
Group operating loss (330,787) (520,416)
Finance income 3,432
Finance expense 4 (203,425) (1,711)
-------------------------------------------- ----- ------------------ --- -----------------
Loss for the period before taxation (530,780) (522,127)
Taxation - -
-------------------------------------------- ----- ------------------ --- -----------------
Loss for the period after taxation (530,780) (522,127)
-------------------------------------------- ----- ------------------ --- -----------------
Other comprehensive income - -
-------------------------------------------- ----- ------------------ --- -----------------
Total comprehensive expense for the period (530,780) (522,127)
-------------------------------------------- ----- ------------------ --- -----------------
Basic loss per share (USc) 3 (0.01c) (0.03c)
-------------------------------------------- ----- ------------------ --- -----------------
Diluted loss per share (USc) 3 (0.01c) (0.03c)
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 2023 31 December 2022
(unaudited) (audited)
Note $
--------------------------------------- ----- -------------- -----------------
Non-current assets
Exploration and evaluation assets 5 32,938,502 31,833,671
--------------------------------------- ----- -------------- -----------------
32,938,502 31,833,671
Current assets
Trade and other receivables 6 58,807 474,749
Cash and cash equivalents 952,168 231,216
--------------------------------------- ----- -------------- -----------------
1,010,975 705,965
Total assets 33,949,477 32,539,636
--------------------------------------- ----- -------------- -----------------
Current liabilities
Trade and other payables 7 1,456,867 2,631,815
Provision for liabilities and charges 529,508 502,972
Borrowings 8 12,848 12,244
--------------------------------------- ----- -------------- -----------------
1,999,223 3,147,031
Non-current liabilities
Borrowings 8 24,416 29,286
--------------------------------------- ----- -------------- -----------------
24,416 29,286
Total liabilities 2,023,639 3,176,317
--------------------------------------- ----- -------------- -----------------
Net assets 31,925,838 29,363,319
--------------------------------------- ----- -------------- -----------------
Equity
Share capital 9 18,344,086 18,283,317
Share premium 9 155,057,983 152,336,303
Retained losses (141,476,231) (141,256,301)
--------------------------------------- ----- -------------- -----------------
Total shareholders' equity 31,925,838 29,363,319
--------------------------------------- ----- -------------- -----------------
Signed on behalf of the Board of Directors
Jeremy Asher
Chairman and Chief Executive
29 September 2023
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share (1) Share-based Retained Total
capital premium payments losses
reserve
$ $ $ $ $
At 1 January 2022 18,264,803 148,747,595 2,883,798 (143,494,024) 26,402,172
-------------------------------------------- ----------- ------------ ---------------- -------------- -----------
Shares issued for cash 7,909 2,048,242 - - 2,056,151
Shares issued on settlement of third-party - - - - -
fees
Share issue costs - (179,721) - - (179,721)
Total comprehensive income for the period - - 238,374 (522,127) (283,753)
At 30 June 2022 18,272,712 150,616,116 3,122,172 (144,016,151) 27,994,849
-------------------------------------------- ----------- ------------ ---------------- -------------- -----------
Shares issued for cash 10,474 1,822,547 - - 1,833,021
Shares issued on settlement of third-party
fees 131 29,393 - - 29,524
Share issue costs - (131,753) - - (131,753)
Transfer to retained losses - - (738,615) 738,615 -
Total comprehensive expense for the period - - 124,673 (486,995) (362,322)
At 31 December 2022 18,283,317 152,336,303 2,508,230 (143,764,531) 29,363,319
-------------------------------------------- ----------- ------------ ---------------- -------------- -----------
Shares issued for cash 59,491 3,137,601 - - 3,197,091
Shares issued on settlement of third-party
fees 1,279 196,917 - - 198,196
Shares issue costs - (612,838) - - (612,838)
Total comprehensive income for the period - - 310,850 (530,780) (219,930)
At 30 June 2023 18,344,086 155,057,983 2,819,080 (144,295,311) 31,925,838
-------------------------------------------- ----------- ------------ ---------------- -------------- -----------
(1) The share-based payment reserve has been included within the
retained loss reserve and is a non-distributable reserve.
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended Six months ended
30 June 2023 30 June 2022
(unaudited) (unaudited)
Note $ $
----------------------------------------------------------------------- ----- ------------------ -----------------
Cash outflow from operating activities
Group operating (loss) / profit for the period (330,787) (520,416)
Share-based payments 10 310,850 238,374
Finance costs (199,622) (1,201)
----------------------------------------------------------------------- ----- ------------------ -----------------
Operating cash flow before changes in working capital (219,559) (283,243)
Increase in receivables and prepayments 415,942 (2,727)
Decrease in trade and other payables (1,174,948) (706,585)
Decrease in provisions 26,536 -
----------------------------------------------------------------------- ----- ------------------ -----------------
Cash used in operating activities (952,029) (992,555)
----------------------------------------------------------------------- ----- ------------------ -----------------
Investing activities
Exploration and evaluation costs 5 (1,104,831) (786,143)
Net cash used in investing activities (1,104,831) (786,143)
----------------------------------------------------------------------- ----- ------------------ -----------------
Financing activities
Cash proceeds from issue of ordinary share capital net of issue costs 9 2,782,449 1,876,430
Repayment of borrowing facilities (6,189) (6,431)
Repayment of interest on borrowing facilities (495) (676)
Effects of foreign currency movements on borrowing facilities 2,047 (5,769)
----------------------------------------------------------------------- ----- ------------------ -----------------
Net cash from financing activities 2,777,812 1,863,553
----------------------------------------------------------------------- ----- ------------------ -----------------
Increase in cash and cash equivalents 720,952 84,855
Cash and cash equivalents at beginning of period 231,216 10,227
----------------------------------------------------------------------- ----- ------------------ -----------------
Cash and cash equivalents at end of period 952,168 95,082
----------------------------------------------------------------------- ----- ------------------ -----------------
NOTES TO THE INTERIM FINANCIAL INFORMATION
1. Accounting policies
a) Basis of preparation
This interim financial report, which includes a condensed set of
financial statements of the Company and its subsidiary undertakings
("the Group"), has been prepared using the historical cost
convention and based on International Financial Reporting Standards
("IFRS") including IAS 34 'Interim Financial Reporting' and IFRS 6
'Exploration for and Evaluation of Mineral Reserves', as adopted by
the United Kingdom ("UK").
The condensed set of financial statements for the six months
ended 30 June 2023 is unaudited and does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. They
have been prepared using accounting bases and policies consistent
with those used in the preparation of the audited financial
statements of the Company and the Group for the year ended 31
December 2022 and those to be used for the year ending 31 December
2023. The comparative figures for the half year ended 30 June 2022
are unaudited. The comparative figures for the year ended 31
December 2022 are not the Company's full statutory accounts but
have been extracted from the financial statements for the year
ended 31 December 2022 which have been delivered to the Registrar
of Companies and the auditors' report thereon was unqualified and
did not contain a statement under sections 498(2) and 498(3) of the
Companies Act 2006.
This half-yearly financial report was approved by the Board of
Directors on 29 September 2023.
b) Going concern
The Group will need to complete a farm-out and/or another
asset-level transaction within the coming months, or otherwise
raise further funds, in order to meet its liabilities as they fall
due, particularly with respect to the forthcoming drilling
programme in Cameroon. The Directors believe that there are a
number of options available to them through either, or a
combination of, capital markets, farm-outs or asset disposals with
respect to raising these funds. There can, however, be no guarantee
that the required funds may be raised, or transactions completed
within the necessary timeframes, which raises uncertainty as to the
application of going concern in these accounts. Having assessed the
risks attached to these uncertainties on a probabilistic basis, the
Directors are confident that they can raise sufficient finance in a
timely manner and therefore believe that the application of going
concern is both appropriate and correct.
2. Operating segments
The Group has two reportable operating segments: Africa and Head
Office. Non-current assets and operating liabilities are located in
Africa, whilst the majority of current assets are carried at Head
Office. The Group has not yet commenced production and therefore
has no revenue. Each reportable segment adopts the same accounting
policies. In compliance with IAS 34 'Interim Financial Reporting'
the following table reconciles the operational loss and the assets
and liabilities of each reportable segment with the consolidated
figures presented in these Financial Statements, together with
comparative figures for the period-ended 30 June 2022.
Africa Head Office Total
Six months Six months Six months Six months Six months Six months
ended ended ended ended ended ended
30 June 2023 30 June 2022 30 June 2023 30 June 2022 30 June 2023 30 June 2022
$ $ $ $ $ $
---------------------- -------------- -------------- -------------- -------------- -------------- --------------
Loss by reportable
segment 11,767 22,076 519,013 500,051 530,780 522,127
Total assets by
reportable segment
(1) 33,068,508 29,592,742 880,969 79,840 33,949,477 29,672,582
---------------------- -------------- -------------- -------------- -------------- --------------
Total liabilities by
reportable segment
(2) (244,749) (1,359,118) (1,778,890) (318,615) (2,023,639) (1,677,733)
---------------------- -------------- -------------- -------------- -------------- -------------- --------------
3. Loss per ordinary share
Basic & Diluted
30 June 2023 31 December 2022
(unaudited) (audited)
$ $
--------------------------------------------------------------------- --- -------------- ------------------
(Loss) / profit for the period (530,780) (1,009,122)
Weighted average number of ordinary shares in issue during the period 4,542,559,293 2,165,197,663
Dilutive effect of share options outstanding - -
Fully diluted average number of ordinary shares during the period 4,542,559,293 2,165,197,663
(Loss) / profit per share (USc) (0.01c) (0.05c)
-------------------------------------------------------------------------- -------------- ------------------
4. Finance costs
30 June 2023 31 December 202
(unaudited) (audited)
$ $
--------------- -------------- -----------------
Finance costs 203,425 1,711
--------------- -------------- -----------------
Finance costs include $201k (2022: $nil) with respect to fees
incurred on the Energy Exploration Capital Partners LLC prepaid
placement facility (see note 7).
5. Intangible Exploration and Evaluation (E&E) assets
Exploration and evaluation assets Goodwill Total
Period-ended 30 June 2023 $ $ $
---------------------------------- ------------ -------------
Cost
At 1 January 2023 103,842,133 8,023,292 111,865,425
Additions during the period 1,104,831 - 1,104,831
At 30 June 2023 104,946,964 8,023,292 112,970,256
------------------------------- ---------------------------------- ------------ -------------
Amortisation and impairment
At 1 January 2023 (72,008,462) (8,023,292) (80,031,754)
At 1 January and 30 June 2023 (72,008,462) (8,023,292) (80,031,754)
------------------------------- ---------------------------------- ------------ -------------
Net book value
At 30 June 2023 32,938,502 - 32,938,502
At 31 December 2022 31,833,671 - 31,833,671
------------------------------- ---------------------------------- ------------ -------------
In accordance with the Group's accounting policies and IFRS 6
the Directors' have reviewed each of the exploration license areas
for indications of impairment. Having done so, based on the
financial constraints on the Group, and specific issues associated
with each license it was concluded that a full ongoing impairment
was only necessary in the case of the Zambian licenses 40 and 41,
the circumstances of which have not changed since previous
reporting period.
The additions during the period represent Cameroon $955k (2022:
$618k), $69k in South Africa (2022: $54k) and $80k in Namibia
(2022: $115k). The focus of the Group's activities during this
period has been on preparing for and acquiring inventory and
services with respect to the anticipated drilling of the Njonji-3
appraisal well alongside ongoing subsurface evaluation in
Namibia.
6. Trade and other receivables
30 June 2023 31 December 202
(unaudited) (audited)
$ 2
----------------------------- -------------- -----------------
Trade and other receivables 58,807 474,749
----------------------------- -------------- -----------------
Trade and other receivables comprise prepaid expenditures.
7. Trade and other payables
30 June 2023 31 December 2022
(unaudited) (audited)
$ $
-------------------------- -------------- ------------------
Trade and other payables 1,190,046 147,185
Other accruals 266,821 2,484,630
1,456,867 2,631,815
-------------------------- -------------- ------------------
The future ability of the Group to recover UK VAT has been
confirmed by the Upper Tier Tribunal in its judgement in favour of
the Company on 20 May 2021 and is no longer the subject of a
dispute with HMRC.
Trade and other payables include $1.1 million (2022: $nil)
payable to Energy Exploration Capital Partners LLC ("EECP") with
respect to amounts received against future share placements.
The placement price of any placing requested by EECP is the
average of five daily volume-weighted average prices selected by
EECP during a specified period immediately prior to the date of any
notice to issue Placing Shares, less an 8% discount, rounded down
to the nearest five hundredth of a penny, and subject to the floor
price of 0.1p per share as discussed below.
EECP will be entitled to a long-term hold benefit of a 10%
(rather than 8%) discount to the above-mentioned formula for
placing shares if the placing shares are issued after the first
anniversary of the initial investment (13 January 2024). In
addition, the Company may benefit from share price appreciation
following issuance of placing shares: if an issuance of shares to
EECP would result in the effective discount to the prevailing
market price of the Company's shares being in excess of 25%, the
Placement Price will be increased by half of such excess.
Further, the Placement Price will be subject to a floor price of
0.1p per share. If the placement price formula results in a price
that is less than the floor price, the Company may elect not to
issue shares and instead opt to repay the applicable placement
amount in cash, with a 9% premium, subject to EECP's right to
receive placing shares at the floor price in lieu of such cash
repayment if it wishes.
The Company may also at any time repay one half of the
outstanding balance of any placing in relation to which placing
shares have not yet been issued, with a 5% premium.
8. Borrowings
Group
30 June 2023 31 December 2022
(unaudited) (audited)
$ $
-------------------------------------------- -------------- ------------------
Principal balance at beginning of period 41,088 59,532
Amounts drawn down during the period - -
Amounts repaid during the period (6,189) (12,294)
Currency revaluations at year end 2,027 (6,149)
-------------------------------------------- -------------- ------------------
Principal balance at end of period 36,926 41,088
Financing costs at beginning of year 442 818
Changes to financing costs during the year - -
Interest expense 372 925
Interest paid (495) (1,220)
Currency revaluations at year end 20 (81)
-------------------------------------------- -------------- ------------------
Financing costs at the end of the year 339 442
Carrying amount at end of period 37,265 41,530
-------------------------------------------- -------------- ------------------
Current 12,849 12,243
Non-current 24,416 29,286
Repayment dates Group
30 June 2021 31 December 2020
(unaudited) (audited)
$ $
-------------------------------------------- -------------- ------------------
Due within 1 year 12,849 12,243
Due within years 2-5 24,416 29,285
Due in more than 5 years - -
37,265 41,530
-------------------------------------------- -------------- ------------------
Borrowings represent a GBP50k Barclays Bounceback Loan drawn in
May 2020 and repayable in installments over a 5-year period. During
the period, the Group and Company entered into no new facilities
(2022: $nil).
9. Share capital
30 June 2023 31 December 2022
(unaudited) (audited)
$ $
--------------------------------------------------------------- --- -------------- ------------------
Authorised, called up, allotted and fully paid
8,443,981,022 (2022: 3,554,137,955) ordinary shares of 0.001p 18,344,086 18,283,317
-------------------------------------------------------------------- -------------- ------------------
The share capital issues during the period are summarised
below:
Number of shares Share capital at nominal value Share premium
Ordinary shares $ $
-------------------------------------------------- ----------------- ------------------------------- --------------
At 1 January 2023 3,554,437,955 18,283,317 152,336,303
Shares issued for cash 4,784,543,067 59,491 3,137,601
Shares issued on settlement of third-party fees 105,000,000 1,279 196,917
Shares issued on settlement of staff - - -
remuneration
Share issue costs - - (612,838)
At 30 June 2023 8,443,981,022 18,344,086 155,057,983
-------------------------------------------------- ----------------- ------------------------------- --------------
10. Share-based payments
Options
Details of share options outstanding at 30 June 2023 are as
follows:
Number in issue
--------------------------- ----------------
At 1 January 2023 392,000,000
Awarded during the period 268,000,000
Lapsed during the period -
--------------------------- ----------------
At 30 June 2023 660,000,000
----------------------------- ----------------
Date of grant Number in issue Option price (p) Latest exercise date
--------------- ---------------- ----------------- ---------------------
24 Jan 19 70,000,000 1.250 24 Jan 24
18 Dec 20 86,000,000 0.450 18 Dec 25
01 Apr 21 88,000,000 0.450 01 Apr 26
16 Aug 22 148,000,000 0.300 16 Aug 27
16 May 23 268,000,000 0.100 15 May 28
660,000,000
--------------- ---------------- ----------------- ---------------------
These options vest in the beneficiaries in equal tranches on the
first, second and third anniversaries of grant.
Warrants
Details of warrants outstanding at 30 June 2023 are as
follows:
Number in issue
At 1 January 2023 599,969,023
Awarded during the period 313,240,292
Lapsed during the period (135,103,559)
At 30 June 2023 778,105,756
----------------------------------------- -------------- ----------- ----------------
Date of grant Number in issue Warrant price (p) Latest exercise date
------------------ ----------------- ---------------------- -------------------------
01 Oct 18 4,687,500 1.575 30 Sep 23
24 Jan 19 19,999,999 1.200 23 Jan 24
16 Apr 19 90,000,000 1.000 14 Apr 24
30 Jun 19 4,285,714 1.000 28 Jun 24
30 Jul 19 3,000,000 1.000 28 Jul 24
15 Oct 19 10,990,933 0.500 13 Oct 24
31 Mar 20 49,816,850 0.200 30 Mar 25
29 Jun 20 19,719,338 0.350 28 Jun 25
28 Aug 20 78,616,352 0.600 28 Aug 23
01 Oct 20 10,960,907 0.390 30 Sep 25
01 Dec 20 4,930,083 0.375 30 Nov 25
31 Dec 20 12,116,316 0.450 30 Dec 25
01 Apr 21 16,998,267 0.450 31 Mar 26
01 Jul 21 24,736,149 0.250 30 Jun 26
01 Oct 21 16,233,765 0.425 30 Sep 26
01 Jan 22 17,329,020 0.425 01 Jan 27
13 Jan 22 7,058,824 0.425 12 Jan 27
01 Apr 22 19,851,774 0.263 01 Apr 27
01 Jul 22 16,831,240 0.295 01 Jul 27
03 Oct 22 26,114,205 0.250 03 Oct 27
01 Aug 22 10,588,228 0.425 31 Jul 24
15 Feb 23 29,114,906 0.175 15 Feb 28
02 May 23 43,053,960 0.143 01 May 28
16 May 23 112,500,000 0.100 16 May 26
30 Jun 23 128,571,426 0.050 30 Jun 28
778,105,756
------------------ ----------------- ---------------------- -------------------------
11. Subsequent events
3 July 2023: Issue of warrants in lieu of GBP30,000 (in
aggregate) of Directors fees to Paula Brancato (21,428,371
warrants), Mark Enfield (21,428,571 warrants), and Jeremy Asher
(42,857,142 warrants) in settlement of fees due for the period from
1 July 2023 to 30 September 2023. The warrants are exercisable at a
strike price of 0.05 pence, which was the same as the placing price
of the Placing and Subscription that had been announced on 16 May
2023. The warrants are exercisable for a period of 5 years from the
date of issue.
17 July 2023: The Company held its Annual General Meeting, All
resolutions proposed in the notice of meeting were duly passed.
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END
IR LPMFTMTJTBBJ
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
Tower Resources (LSE:TRP)
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Von Okt 2024 bis Nov 2024
Tower Resources (LSE:TRP)
Historical Stock Chart
Von Nov 2023 bis Nov 2024
