- Tower Resources has unveiled a series of changes to its board as part of the previously announced restructuring of its cost base.

Graeme Thomson has notified the company of his decision to step down as Chief Executive Officer of the Company, with effect from 31 October, in order to help deliver the necessary reduction in costs.

"We are pleased to announce that Graeme has agreed to continue with the Company as a Non-Executive Director. From 1 November, Jeremy Asher will assume the combined role of Chairman and Chief Executive Officer."

Nigel Quinton, Exploration Director, has relinquished his role as Exploration Director with effect from 26 October, but will remain available to the Company, as required, on a consultancy basis.

In addition, Non-Executive Directors Philip Swatman and Philip Frank have offered to resign from the Board, and the Company has accepted these resignations with effect from 31 December 2016.

"In total, the effect of these changes will be to reduce the company's payroll costs substantially.

"The only cost to implement these changes, Graeme Thomson and Nigel Quinton having waived any contractual notice entitlements, will be around £40,000 of legal and settlement expenses, and the issuance of 1.5 million fully vested stock options (at a strike price of 2.25p with an expiry date of 26 October 2021) to Nigel Quinton as part of establishing the new consultancy arrangements."

Following these changes the Board will be comprised as follows:

Jeremy Asher (Chairman and Chief Executive Officer)

Peter Taylor (Non-Executive Director)

Graeme Thomson (Non-Executive Director)

Story provided by