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17 Jan 2017 09:00
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
17 January 2017
Anglo Asian Mining plc
Directors' dealing
Anglo Asian Mining plc ("Anglo Asian" or "Company"), the AIM-listed gold, copper and silver producer focused in Azerbaijan, announces that Khosrow Zamani, non-executive chairman of the Company and Richard Round, non-executive director of the Company have conditionally and irrevocably exercised certain of their share options in the Company.
On 17 January 2017, the board of directors of Anglo Asian ("the Board") approved the conditional and irrevocable exercise by Khosrow Zamani of his option to acquire 100,000 ordinary shares of 1 pence each in the share capital of Anglo Asian ("Ordinary Shares") at an exercise price of 16.5 pence per Ordinary Share, the exercise to take effect on 31 May 2017, being the day before this option will lapse. The exercise of this option is conditional upon the mid-market price of an Ordinary Share being 18 pence or more on 31 May 2017.
On 17 January 2017, the Board approved the conditional and irrevocable exercise by Khosrow Zamani of his option to acquire 500,000 Ordinary Shares at an exercise price of 12 pence per Ordinary Share, the exercise to take effect on 26 July 2017, being the day before this option will lapse. The exercise of this option is conditional upon the mid-market price of an Ordinary Share being 13.5 pence or more on 26 July 2017.
On 17 January 2017, the Board approved the conditional and irrevocable exercise by Richard Round of his option to acquire 600,000 Ordinary Shares at an exercise price of 12 pence per Ordinary Share, the exercise to take effect on 26 July 2017, being the day before this option will lapse. The exercise of this option is conditional upon the mid-market price of an Ordinary Share being 13.5 pence or more on 26 July 2017.
In addition, Khosrow Zamani and Richard Round each authorised the Company (or its agent) on 12 January 2017 and 11 January 2017, respectively, to arrange for the sale of such number of Ordinary Shares to be issued pursuant to the above share option exercises as would be required to produce net proceeds of sale (after deduction of all fees, commissions and expenses in relation to such sale) sufficient to meet the cost of exercising the share options and discharging any tax liability arising from the exercise of the share options for which the Company is liable. A further condition of these exercises is they will not occur if the relevant options are validly exercised otherwise before the specified effective date.
Further announcements concerning the above dealings will be made on or about 31 May 2017 and 26 July 2017, in respect of Khosrow Zamani, and 26 July 2017, in respect of Richard Round.
Further information concerning the above dealings is set out below.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Khosrow Zamani | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Chairman | ||||||
b) | Initial notification/Amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name: | Anglo Asian Mining plc | ||||||
b) | LEI: | |||||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of 1 pence each GB00B0C18177 | ||||||
b) | Nature of the transaction: | Conditional and irrevocable exercise of share options | ||||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 2017-01-17 07:00 hrs UTC | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Richard Round | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-executive Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Anglo Asian Mining plc | ||||
b) | LEI: | |||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of 1 pence each GB00B0C18177 | ||||
b) | Nature of the transaction: | Conditional and irrevocable exercise of share options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 2017-01-17 07:00 hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
**ENDS**
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
Bill Morgan | Anglo Asian Mining plc | Tel: +994 502 910 400 |
Ewan Leggat | SP Angel Corporate Finance LLP Nominated Adviser and Broker | Tel: +44 (0) 20 3470 0470 |
Laura Harrison | SP Angel Corporate Finance LLP | Tel + 44 (0) 20 3470 0470 |
Susie Geliher | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.
The Company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009. Gedabek is an open cast mine with a series of interconnected pits. The Company also mines high grade ore from the Gadir underground mine which is co-located at the Gedabek site. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.
Gold production for the year ended 31 December 2016 from Gedabek totaled 65,394 ounces with 1,941 tonnes of copper also produced. Gedabek is a polymetallic deposit and its ore has a high copper content, and as a result the Company produces copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant. Anglo Asian also produces a copper and precious metal concentrate from its flotation plant, which is processing tailings from the agitation leach plant.
Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.
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