15 Mar 2016 14:05
15 March 2016 AIM:AMA
Amara Mining plc
("Amara" or the "Company")
DIRECTORS' DEALINGS
Amara Mining plc, the AIM-listed West African focused gold mining company, is pleased to announce that at a meeting of the Company held earlier today, it was agreed that the non-executive directors of Amara (Messrs Peter Cowley, Alex Davidson, Hendrik Faul, Peter Hain and Geoff Stanley) would each be issued with new ordinary shares of 1p each in the Company ("Ordinary Shares") to the value of £5,000, in accordance with the terms of their individual letters of appointment.
In total, 352,110 new Ordinary Shares have been issued at a price of 7.1p, being the closing price on 30 November 2015. The new Ordinary Shares could not be issued at the time as the Company was in a close period.
Non-Executive Director | Shares Issued | Previous Holding | New Holding | Percentage of Enlarged Share Capital (%) |
Peter Cowley | 70,422 | 114,534 | 184,956 | 0.044 |
Alex Davidson | 70,422 | 31,250 | 101,672 | 0.024 |
Hendrik Faul | 70,422 | 80,759 | 151,181 | 0.036 |
Peter Hain | 70,422 | 173,056 | 243,478 | 0.058 |
Geoff Stanley | 70,422 | 202,815 | 273,237 | 0.065 |
Each of the non-executive directors entered into an irrevocable undertaking in favour of Perseus Mining Limited, on 28 February 2016, to vote in favour of the scheme of arrangement under which it is proposed that Perseus Mining Limited will acquire the entire issued and to be issued share capital of Amara. Each of the non-executive directors has entered into a supplemental deed in favour of Perseus Mining Limited, dated 14 March 2016, under which the 352,110 new Ordinary Shares will also be subject to the existing irrevocable undertakings. A copy of the supplemental deeds will be available for inspection on www.amaramining.com and www.perseusmining.com by 12 noon tomorrow, 16 March 2016.
Pursuant to the above issue of shares, the Company has made application to the London Stock Exchange for 352,110 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on 21 March 2016.
Following Admission, the total issued share capital of the Company will be 420,738,187 Ordinary Shares, all of which have voting rights.
The above figure of 420,738,187 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of Amara under the FCA's Disclosure and Transparency Rules.
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About Amara Mining plc
Amara is a gold explorer/developer with assets in West Africa. The Group is focused on unlocking the value in its development projects. At Yaoure in Côte d'Ivoire, this will be done by increasing the confidence in the existing Mineral Resource and economics at the project as Amara progresses it through to Bankable Feasibility Study. At Baomahun, this will be achieved by gaining an improved understanding of the exploration upside potential and underground opportunity. With its experience of bringing new mines into production, Amara aims to further increase its production profile with highly prospective opportunities across both assets.