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8 Jul 2019 07:00
8 July 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Grant of Options
Arc Minerals Limited announces the grant of options to certain Directors and PDMRs ("Persons Discharging Managerial Responsibilities") over a total of 15,240,002 new ordinary shares of no par value ("Ordinary Shares") of the Company ("Share Options") with an exercise price of 4.5 pence per Ordinary Share, which represents an approximate 15.4% premium over the closing mid-price of 3.9p on 5 July 2019). The Share Options will expire on 5 July 2024.
Details of the Share Options granted to Directors are as follows:
Director | Number of Options granted 20 June 2019 | Total Options currently outstanding |
Nicholas von Schirnding | 4,000,000 | 15,620,195 |
Rémy Welschinger | 1,600,000 | 1,600,000 |
Brian McMaster | 800,000 | 2,375,000 |
Jonathan de Thierry | 800,000 | 2,000,000 |
Mumena Mushinge | 800,000 | 800,000 |
8,000,000 | 22,395,195 |
Details of the Share Options granted to Senior Management are as follows:
PDMR | Number of Options granted 20 June 2019 | Total Options currently outstanding |
Vassilios Carellas | 3,133,334 | 13,738,849 |
John Forrest | 2,133,334 | 4,333,334 |
Chrispin Chisanga | 1,000,000 | 1,000,000 |
Ian Lynch | 973,334 | 973,334 |
7,240,002 | 20,045,517 |
The Company has also issued 1,200,000 new ordinary shares of no par value in the share capital of the Company ("New Ordinary Shares") to a service provider for consulting services to be rendered to the Company. These New Ordinary Shares are subject to a lock-in period of 12 months. Application has been made for the New Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). Admission is expected to occur on or around 12 July 2019.
Following the issue of the New Ordinary Shares, the total issued share capital of the Company will consist of 708,551,551 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 708,551,551 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company. and the grant of the Share Options,
Following the grant of the Share Options there will be a total of 49,246,115 share options over unissued Ordinary Shares granted to directors, senior management and consultants of the Company, representing approximately 6.95% of the Company's current issued Ordinary Share capital of 708,551,551 Ordinary Shares.
Nicholas von Schirnding, Brian McMaster, Jonathan de Thierry, Mumena Mushinge and Rémy Welschinger are directors of the Company and are therefore regarded as related parties as defined by the AIM Rules for Companies (the "AIM Rules"). The grant of Share Options to each of the directors of Arc Minerals is classified as a related party transaction for the purposes of Rule 13 of the AIM Rules. Mr Don Bailey, being the only independent director, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.
Further details concerning the grant of Share Options to PDMRs are set out below.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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: | (i) Nicholas von Schirnding (ii) Brian McMaster (iii) Jonathan de Thierry (iv) Mumena Mushinge (v) Rémy Welschinger (vi) Vassilios Carellas (vii) John Forrest (viii) Chrispin Chisanga (ix) Ian Lynch | ||||||||||||||||||||||||||||||
2. | Reason for the notification | |||||||||||||||||||||||||||||||
a) | Position/status: | (i) Executive Chairman (ii) Non-Executive Director (iii) Non-Executive Director (iv) Non-Executive Director (v) Non-Executive Director (vi) Chief Operating Officer (non-board) (vii) Chief Financial Officer (non-board) (viii) Person Discharging Managerial Responsibility (non-board) (ix) Person Discharging Managerial Responsibility (non-board) | ||||||||||||||||||||||||||||||
b) | Initial notification/Amendment: | Initial notification | ||||||||||||||||||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||||||||||
a) | Name: | Arc Minerals Limited | ||||||||||||||||||||||||||||||
b) | LEI: | 213800XHFJVCC9GP2G75 | ||||||||||||||||||||||||||||||
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 no par value
VGG045791016 | ||||||||||||||||||||||||||||||
b) | Nature of the transaction: | Grant of options over ordinary shares | ||||||||||||||||||||||||||||||
c) | Price(s) and volume(s): |
| ||||||||||||||||||||||||||||||
d) | Aggregated information: Aggregated volume: Price: | Single transactions as in 4 c) above
| ||||||||||||||||||||||||||||||
e) | Date of the transaction: | 2019-07-05 | ||||||||||||||||||||||||||||||
f) | Place of the transaction: | Outside a trading venue | ||||||||||||||||||||||||||||||
**ENDS**
Contacts
Arc Minerals Ltd Nick von Schirnding (Chairman)
| +44 (0) 20 7917 2942
|
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Soltan Tagiev
| +44 (0) 20 3470 0470
|
Notes to the Editors
Arc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
Arc Minerals current holdings include:
● 100% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 3-million-ounce inferred Resource Akyanga gold deposit in the DRC.
● A 66% equity interest in Zamsort Limited ("Zamsort"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort.
● A 47.5% equity interest in Zaco Limited ("Zaco"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt.
● 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage Ṧturec Gold Project.
For more information visit www.arcminerals.com
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