Last checked at 17 Dec 2021 13:04
Date: 17 December 2021
Blencowe Resources Plc
("Blencowe" or the "Company")
Issue of Options
Blencowe Resources (LSE:BRES), the natural resources company focussed on the development of the Orom-Cross Graphite Project in Uganda, reports the issue of options to directors and senior management.
Given the stage of development of the Company and to further align Directors and Senior Management with shareholders, the Company now announces the grant of 6 million options as set out below, at 6p per share, for a period of five years.
These options will not vest unless the share price of the Company trades in excess of 10p per share for 10 consecutive days.
In addition, the options granted to the CEO and COO will only vest on delivery of a pre-feasibility study.
Cameron Pearce (Chairman) | 1,500,000 | £0.06 |
Mike Ralston (CEO) | 1,500,000 | £0.06 |
Iain Wearing (COO) | 1,500,000 | £0.06 |
Lionshead Consultants Ltd (Sam Quinn) (Non Exec Director) | 1,000,000 | £0.06 |
Alexander Passmore (Non Exec Director) | 500,000 | £0.06 |
For further information please contact:
Blencowe Resources Plc Sam Quinn (London Director)
| www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250 info@blencoweresourcesplc.com |
Investor Enquiries Sasha Sethi | Tel: +44 (0) 7891 677 441 Email: sasha@flowcomms.com |
Brandon Hill Capital Limited Jonathan Evans (Corporate Finance) | Tel: +44 (0)20 3463 5000 jonathan.evans@brandonhillcapital.com |
First Equity Limited Jason Robertson | Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
|
Background
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit. A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is moving into the studies phase shortly as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.
The Notification of Dealing Form provided in accordance with the requirements of the Market Abuse Regulation in relation to the transaction listed above is set out below.
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| 1. Cameron Pearce 2. Mike Ralston 3. Alexander Passmore 4. Lionshead Consultants (S Quinn) 5. Iain Wearing | |||
2
| Reason for the notification | ||||
a)
| Position/status
| 1. Director 2. Manager 3. Director 4. Director 5. Manager | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Blencowe Resources PLC | |||
b)
| LEI
| 213800UXIHBIRK36GG11 | |||
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 | Ordinary shares | |||
Identification code | GB00BFCMVS34 | ||||
b)
| Nature of the transaction
| Share Options | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
1. 0.06 2. 0.06 3. 0.06 4. 0.06 5. 0.06
| 1,500,000 1,500,000 500,000 1,000,000 1,500,000
| ||||
d)
| Aggregated information | ||||
- Aggregated volume | N/A | ||||
- Price | £0.06 | ||||
e)
| Date of the transaction
| 16/12/2021 | |||
f)
| Place of the transaction
| London Stock Exchange | |||