1 6.  S hare capital and options TOWER RESOURCES PLC N OTES TO T H E  FINAN C IA L ST A TE M E N TS F OR T H E  Y E A R E ND E D 31 D ECE MB ER  2010  On 28 May 20 1 0, the Company granted:  (a)  1 ,509, 434  warrants to Peter Kingston exercisable between 28 May 20 11  and 28 May 20 13  at a price  of  1 . 3 25p per share in lieu of waiving his Directors’ fees totalling £20,000 (equivalent to $29,000 at the  prevailing rate of exchange at that date of  1 . 4 5) in respect of the period May 20 1 0 to October 20 1 0.  34 Peter Kingston has interests in 7,000,000 of the above share options.  The Company’s share price ranged between  1 .20p and 5.20p during the year and the closing share price on  31 December 20 1 0 was 5. 1 25p per share.  1 7.  S hare warrants 2010  2009 $  $ Authorised 1 0,000,000,000 ordinary shares of 0. 1 p each  1 9,900,000  1 9,900,000  Allotted, called up and fully paid 1 ,0 3 2, 1 62,756 ( 2009: 1,007,162,756 ) ordinary shares of 0. 1 p each  1 ,897, 411 1 ,858,5 11 The share capital issues during 20 1 0 are summarised as follows:  Number of  Share capital  Share  0.1p shares at nominal value  premium  $ $ At  1  January 20 1 0  1 ,007, 1 62,756 1 ,858,5 11 29,029,560 Shares issued for cash  25,000,000  3 8,900  1 ,056, 1 00  Cost of share issues  -  -  ( 3 8, 44 0)  At  31  December 20 1 0  1 ,0 3 2, 1 62,756 1 ,897, 411 3 0,0 4 7,220  The details of share options outstanding at  31  December 20 1 0 are as follows:  Number of  share options At  1  January 20 1 0 13 ,000,000  Granted during the year  1 ,000,000  Exercised during the year  -  Lapsed during the year  -  At  31  December 20 1 0 14 ,000,000  Date of grant  Number of options  O ption price  E xercisable between  2 February 2006  1 ,000,000  1 .5p 2/02/07-2/02/ 13 2 February 2006  2,000,000  1 .5p 2/02/09-2/02/ 13 9 February 2007  1 ,000,000  3 . 1 25p   9/02/07 – 9/02/ 14 3  May 2007  3 ,000,000 2.25p 3 /05/08 –  3 /05/ 14 20 September 2007  2,000,000  2.75p  20/09/08 – 20/09/ 14 1  July 2008 1 ,000,000 4 .75p 1 /07/08 –  1 /07/ 1 5  1  October 2008 3 ,000,000 3 .88p 1 / 1 0/08 –  1 / 1 0/ 1 5  28 May 20 1 0 1 ,000,000 1 . 3 25p 28/05/ 11  – 28/05/ 1 8  14 ,000,000 