Masterstroke by Gervaise25 Nov 2018 20:07
Fabulous deal all round
As announced on 3 September 2018, Greatland re-appointed DDH1 Drilling Pty Ltd ("DDH1"), one of Australia's most highly regarded mineral exploration drilling providers, to conduct this second drill programme at Havieron. As an expression of their support and confidence in the Havieron project, DDH1 agreed to accept part payment of its drill programme fees in the form of shares and warrants in Greatland.
Greatland has issued DDH1, as part payment for drilling services and in consideration for an amount of £142,045.45, or approximately $250,000 Australian Dollars, 11,363,636 ordinary shares of 0.1 pence each in Greatland Gold plc (the "DDH1 Shares").
Each DDH1 Share issued has an accompanying unlisted and non-transferrable warrant to subscribe for an additional Greatland new ordinary share at a price of 2.0p at any time within the 12 months following admission to trading of the DDH1 Shares (representing the issue of a total of 11,363,636 warrants). Each warrant will include an accelerated exercise condition ("Accelerator") such that in the event the that the Company's volume weighted average share price exceeds 3.0p for a period of five consecutive trading days the Company shall have the right, but not the obligation, to give holders of the warrants 7 calendar days' notice that the warrants must be exercised within a further 14 calendar days, following which they will otherwise expire. Should all of these warrants be exercised, £227,272.72 in funds will be paid by DDH1 to Greatland at a price of 2.0p.
The 11,363,636 DDH1 Shares are expected to be admitted to trading on, or around, 1 October 2018.  For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of Greatland following the issue and allotment of the DDH1 Shares comprises 3,225,620,145 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury.  This total figure of 3,225,620,145 may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in Greatland under the DTRs.