Last checked at 20 Nov 2017 15:10
20 November 2017
Ortac Resources Ltd
("Ortac" or the "Company")
Grant of Share Options
Ortac Resources Ltd, the AIM listed exploration and mine development company, is pleased to announce that the Company has agreed to issue options over a total 12,025,710 new ordinary shares of no par value ("Ordinary Shares") of the Company ("Share Options") to Nick von Schirnding, Chairman of Ortac and Vassilios Carellas, Chief Operating Officer.
The Share Options have an exercise price of 2.625 pence per Ordinary Share, being the closing mid-market price for Ordinary Shares of Ortac on 17 November 2017. The Share Options expire on 17 November 2022.
Details of the Share Options granted are set out below:
Name |
Title | Number of new Share Options granted | Number of Ordinary Shares subject to Option following the grant of new Options
|
Nick von Schirnding | Chairman | 6,220,195 |
7,620,195
|
Vassilios Carellas | Chief Operating Officer | 5,805,515 | 7,605,515
|
Total | 12,025,710 |
15,225,710 |
Following the above grant, there are a total of 16,080,710 Share Options granted over unissued Ordinary Shares granted to Directors and employees of the Company, representing approximately 4.82% of the Company's current issued Ordinary Share capital of 333,801,654 Ordinary Shares.
Nick von Schirnding is a director of Ortac and Vasilios Carellas is a person discharging managerial responsibilities ("PDMR") and are therefore regarded as related parties as defined by the AIM Rules for Companies (the "AIM Rules"). The grant of Options to each of them is classified as a related party transaction for the purposes of Rule 13 of the AIM Rules. Mr Brian McMaster, 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.
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.
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.
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) | Full name of person Dealing | Nick von Schirnding | ||||
2. | Reason for notification | |||||
(a) | Position/status | Chairman | ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | Ortac Resources Inc | ||||
(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 | Share options over ordinary shares of no par value | ||||
(b) | Identification code | VGG6829M1187 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 2017-11-20
| ||||
(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Vassilios Carellas | ||||
2. | Reason for notification | |||||
(a) | Position/status | Chief Operating Officer (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 of entity | Ortac Resources Inc | ||||
(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 | Share options over ordinary shares of no par value | ||||
(b) | Identification code | VGG6829M1187 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
| ||||
(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(f) | Date of transaction | 2017-11-20
| ||||
(g) | Place of transaction | Outside a trading venue | ||||
**ENDS**
For further information, please contact: | |||||
Ortac Resources Ltd | |||||
Nick von Schirnding (Chairman) | +44 (0) 20 7389 9050 | ||||
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Lindsay Mair / Soltan Tagiev | +44 (0) 20 3470 0470 | ||||
| |||||
| |||||
Celicourt Communications (PR) Mark Antelme / Jimmy Lea | +44 (0) 20 7520 9261
| ||||