23 Dec 2013 09:43
23 December 2013 AIM:AMA
Amara Mining plc
("Amara" or "the Company")
DIRECTORS' DEALINGS
Amara Mining plc, the AIM-listed West African focused gold mining company, announces that at a meeting of the Company held on 13 December 2013, it was agreed that the non-executive directors of Amara (Messrs Peter Cowley, 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, 255,706 new Ordinary Shares have been issued at a price of 12.00p, being the closing price on 12 December 2013.
Mr Stanley was issued with an additional 100,000 Ordinary Shares in recognition for the role he played in introducing Amara to RDV Corporation, which facilitated the acquisition of various assets from of Amlib Holdings plc by the Company ("the Transaction"). Announced on 07 November 2013, the Transaction brought Amara a long-term supportive shareholder, US$10 million cash, a drilling services company and three grassroots exploration assets in Liberia. Amara did not pay any brokerage fees due to the introduction by Mr Stanley and the additional Ordinary Shares granted to Mr Stanley are the only remuneration any party will receive in relation to proposing the Transaction.
The details of each director's interest are set out below:
Non-Executive Director | Shares Issued | Previous Holding | New Holding | Percentage of Enlarged Share Capital (%) |
Peter Cowley | 41,666 | 33,775 | 83,284 | 0.038 |
Hendrik Faul | 41,666 | 7,843 | 49,509 | 0.022 |
Peter Hain | 30,708 | 82,372 | 113,080 | 0.051 |
Geoff Stanley | 141,666 | 22,056 | 171,565 | 0.078 |
Pursuant to the above issue of shares, the Company has made application to the London Stock Exchange for 255,706 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on 30 December 2013.
Following Admission, the total issued share capital of the Company will be 220,215,954 Ordinary Shares, all of which have voting rights.
The above figure of 220,215,954 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 FSA's Disclosure and Transparency Rules.
For more information please contact:
Amara Mining plc Catherine Apthorpe, Company Secretary Katharine Sutton, Head of Investor Relations
| +44 (0)20 7398 1420 |
Peel Hunt LLP (Nominated Adviser & Joint Broker) Matthew Armitt Ross Allister
| +44 (0)20 7418 8900 |
GMP Securities Europe LLP (Joint Broker) Richard Greenfield David Wargo
| +44 (0)20 7647 2800 |
Bell Pottinger - Pelham (Financial Public Relations) Charlie Vivian Mark Antelme James Macfarlane | +44 (0)20 7861 3232 |
About Amara Mining plc
Amara is a gold developer-producer with assets in West Africa. The Company generates cash flow through its Kalsaka/Sega gold mine in Burkina Faso. Amara remains focused on its objective of becoming a mid-tier producer through the development of its Baomahun project in Sierra Leone and its Yaoure project in Côte d'Ivoire. With its experience of bringing new mines into production and a project pipeline spanning four countries, Amara aims to further increase its production profile with highly prospective opportunities across all assets.