OREANDA-NEWS. Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM listed Africa-focussed oil and gas exploration company, announces the following grant of options to certain directors, members of the management team and retained consultants.

The Remuneration Committee of the Board has decided to grant options over an aggregate of 134,400,000 ordinary shares at a premium of 150% over the current share price, being an exercise price of 0.19p per share and which was the Placing price of the Company’s most recent placing announced on 15 July 2015. The options will vest in three equal tranches being 12, 24 and 36 months respectively after issue and will expire, if not previously exercised, on the fifth anniversary of their issue.

Director/PDMR Number of options prior to grant Number of options granted at 0.19p Total number of remaining options
Graeme Thomson, CEO 68,000,000 31,500,000 99,500,000
Nigel Quinton, Exploration Director 42,000,000 27,000,000 69,000,000
Philip Swatman, Non-Executive Director – 1,500,000 1,500,000
Philip Frank, Non-Executive Director – 1,500,000 1,500,000
Eric Griffith, Asset Manager 18,700,000 22,700,000 41,400,000
Andrew Matharu, VP Corporate Affairs 25,000,000 16,600,000 41,600,000
Andrew Smith, Financial Controller 25,400,000 16,000,000 41,400,000
P.D.F Limited 2008 Employee Benefit Trust 16,000,000 12,000,000 28,000,000
Others 3,600,000 5,600,000 9,200,000
Total 198,700,000 134,400,000 333,100,000

The total number of outstanding options is now 333,100,000 representing 4.6% of the fully diluted issued share capital of the Company with an exercise price ranging from 0.19 to 0.70 pence per share and with expiry dates ranging from December 2019 to February 2021.