Last checked at 2 Mar 2020 07:00
2 March 2020
ISSUE OF EQUITY AND TOTAL VOTING RIGHTS
Adriatic Metals PLC (ASX:ADT, LON:ADT1) ("Adriatic" or "the Company"), confirms that further to the Company's shareholder approval at the General Meeting of the Company convened and held on 30 January 2020 (the "GM"), Adriatic's Board resolved on 28 February 2020 to:
·; Enter into a consultancy agreement with Milos Bosnjakovic, a non-executive director. The fee payable under the consultancy agreement, which can be terminated with three months notice, is £150,000 per annum; and
·; Grant 4,000,000 unlisted performance rights ("PRs") in the Company to Milos Bosnjakovic on the same terms as those approved at the GM.
Following the allotment of the abovementioned Performance Rights, the Company's capital structure is as follows:
| No. |
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Unrestricted ordinary shares | 131,794,899 |
Held in Escrow until 1 May 2020 | 47,846,088 |
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The total number of ordinary shares in issue | 179,640,987 |
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Unlisted Options | 19,800,000 |
Unlisted Performance Rights | 5,310,000 |
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Fully diluted share capital | 204,750,987 |
The allocation of performance rights to Milos Bosnjakovic, who is a Person Discharging Managerial Responsibilities, was as follows:
Director | Position | New PRs Issued | Total Options and PRs Held | Current Shareholding in Adriatic | Current Shareholding as percentage of Current Issued Share Capital |
Milos Bosnjakovic | Non-Executive Director | 4,000,000 | 5,000,000 | 16,000,000 | 8.9% |
Appendix 2A and 3Y statements have also been issued to the Australian Securities Exchange (ASX) and are available on the Company's website: https://www.adriaticmetals.com/investors/asx-announcements/
** ENDS **
MARKET ABUSE REGULATION DISCLOSURE
The information contained The information contained within this announcement is deemed by the Company (LEI: 549300OHAH2GL1DP0L61) to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person responsible for arranging the release of this announcement on behalf of the Company is Paul Cronin, Managing Director and CEO.
For further information please visit www.adriaticmetals.com, @AdriaticMetals on Twitter, or contact:
Adriatic Metals PLC | Tel: +44 (0)20 7993 0066 |
Paul Cronin / Emma Chetwynd Stapylton |
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Blytheweigh (IR/PR Contact) | Tel: +44 (0)20 7138 3204 |
Camilla Horsfall / Megan Ray |
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The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the grant of options to PDMRs.
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 | Milos Bosnjakovic | ||||
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 | Adriatic Metals PLC | ||||
b) | LEI | 549300OHAH2GL1DP0L61 | ||||
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 | Performance Rights over ordinary shares
ISIN for Adriatic Metals PLC ordinary shares:ISIN: GB00BL0L5G04 | ||||
b) | Nature of the transaction | Grant of Performance Rights | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
4,000,000 GBP 53,420 | ||||
e) | Date of the transaction | 28 February 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
ABOUT ADRIATIC METALS
Adriatic Metals PLC (ASX:ADT, LON:ADT1) ("Adriatic" or the "Company") is a dual listed (ASX and LSE) precious and base metals explorer and developer via its 100% interest in the world class Vares Project (the "Project") in Bosnia & Herzegovina. The Project comprises a historic open cut mine at Veovaca and brownfield exploration at Rupice, an advanced proximal deposit which exhibits exceptionally high grades of base and precious metals.
The Company announced the results of a Scoping Study on 19 November 2019 which indicated an NPV8 of US$917 million and IRR of 107%, following the release of a Maiden Resource Estimate earlier the year on 23 July 2019. There have been no material adverse changes in the assumptions underpinning the forecast financial information or material assumptions and technical parameters underpinning the Maiden Resource Estimate since the original relevant market announcements which continue to apply.
Adriatic has attracted a world class team to both expedite its exploration efforts to expand the current JORC resource at the high-grade Rupice deposit and to rapidly advance the Project into the development phase utilising its first mover advantage and strategic position in Bosnia.