Last checked at 30 Oct 2018 07:00
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
30 October 2018
Arc Minerals Ltd
('Arc' or the 'Company')
Michael Foster Options Awards
Arc Minerals announces that Mr Michael Foster, a non-executive director of the Company has been awarded share options in Arc in lieu of cash remuneration for services rendered with respect to Casa Mining Limited ("Casa").
Mr Foster has been issued options over a total of 1.2 million new ordinary shares of no par value ("Ordinary Shares") of the Company ("Share Options") which have an exercise price of 4.5 pence per Ordinary Share representing an approximate 34% premium over the closing mid-market price of 3.35p Ordinary Shares on 29 October 2018. The Share Options are exercisable from 29 October 2018 and expire on 30 October 2021.
Following the above grant, there are a total of 37,048,710 share options granted over unissued Ordinary Shares granted to Directors and employees of the Company, representing approximately 5.87% of the Company's current issued Ordinary Share capital of 630,843,391 Ordinary Shares.
Nick von Schirnding commented "I am pleased that Michael has elected to take options in lieu of fees for his work at the Misisi project where we delineated a 3-million-ounce gold Resource earlier this year."
**ENDS**
Contacts
Arc Minerals Ltd Nick von Schirnding (Chairman)
| +44 (0) 20 3874 8664 |
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Lindsay Mair / 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, with interest on the convertible note being rolled forward to the end of 2018;
· 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
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) | Name: | Mr Michael Foster | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director | ||||
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 | ||||
4a. | 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: | Share options over 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 transaction as in 4 c) above
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e) | Date of the transaction: | 2018-10-29
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f) | Place of the transaction: | Off-market | ||||