4 Jul 2019 07:00
Attis Oil & Gas Ltd / Index: AIM / Epic: AOGL/ ISIN: VGG6622A1057 / Sector: Oil and Gas
4 July 2019
Attis Oil & Gas Ltd (formerly Mayan Energy Ltd) ('the Company')
Grant of Options
The Company (AOGL.LON) advises that it has today issued a total of 377,429,232 options to directors representing approximately 10% of the issued share capital of the Company; this is further to the RNS of 30 April 2019 setting out the intention to issue such number of options to incentivise the Company's executive team. These options vest subject to a minimum closing mid-market share price hurdle for a consecutive period of 30 days of 0.28p per share, being twice the 0.14p exercise price, and then vest in three equal tranches over 3 years from 1 June 2019 as set out below. Unvested options lapse should the executive no longer be retained as an employee. The terms of the options are set out below:
Name of Director
| Number of Options granted
| Exercise Price | 3 year time Vesting Conditions + minimum share price. | End of Exercise Period |
Paolo Amoruso | 125,809,744
| 0.14p | AOGL share price must trade 0.28p or higher for 30 consecutive days. 41,936,581 - Vest by 1 June 2020 41,936,581 - Vest by 1 June 2021 41,936,581 - Vest by 1 June 2022 | 3 years from the date of vest |
Thom Board | 125,809,744
| 0.14p | AOGL share price must trade 0.28p or higher for 30 consecutive days. 41,936,581 - Vest by 1 June 2020 41,936,581 - Vest by 1 June 2021 41,936,581 - Vest by 1 June 2022 | 3 years from the date of vest |
Charlie Wood | 125,809,744
| 0.14p | AOGL share price must trade 0.28p or higher for 30 consecutive days. 41,936,581 - Vest by 1 June 2020 41,936,581 - Vest by 1 June 2021 41,936,581 - Vest by 1 June 2022 | 3 years from the date of vest |
The exercise price has been calculated based on the higher of the 30 day VWAP prior to issue and most recent placing price and presents a premium of 16.6% to the most recent closing share price. The vesting hurdle of 0.28p is 100% over the exercise price and 133% over the current share price.
Following the grant of the New Options there will be 470,736,103 options in issue over Shares in the Company, representing 12.5% of its issued ordinary share capital. The additional 93,306,871 existing options are un-vested options subject to a production target (net to Attis) of 500 bpd and exercise price of 1.1p.
The grant of the New Options is a related party transaction under the AIM Rules for Companies. Sarah Cope and Russell Lamming, Non-Executive Directors of the Company, are directors indpendant of the transaction and, as such, having consulted with the Company's Nominated Adviser, consider that the terms of the New Options are fair and reasonable as far as the Company's shareholders are concerned.
For further information, please contact:
**ENDS**
For further information visit www.attisog.com or contact the following:
Charlie Wood | Attis Oil & Gas Ltd | +44 20 7236 1177 |
Roland Cornish | Beaumont Cornish Ltd | +44 20 7628 3396 |
James Biddle | Beaumont Cornish Ltd | +44 20 7628 3396 |
Frank Buhagiar | St Brides Partners Limited | +44 20 7236 1177 |
Gaby Jenner | St Brides Partners Limited | +44 20 7236 1177 |
Colin Rowbury | Novum Securities Limited | +44 20 7399 9400 |
About Us
Attis Oil & Gas Ltd is an AIM-traded (London Stock Exchange) North American-based energy company. It is actively pursuing a primary recovery oil strategy focused on re-stimulating wells within mature producing basins with immediate cash flow from projects that are shallow, low risk with low levels of capex and infrastructure already in place. Attis is also seeking to develop new drill opportunities within both existing & new acreage.