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Issue of Options

27 Oct 2022 11:10

RNS Number : 3541E
Blencowe Resources PLC
27 October 2022
 

Date: 27 October 2022

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 ("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 5 million Options as set out below, at 5p per share, for a period of five years.

Vesting Conditions

These options will not vest unless the share price of the Company trades in excess of 10p per share for 10 consecutive trading days. In addition, the options granted to the CEO and COO will have certain vesting conditions including either the signing of a strategic investor at project level, funding and delivery of a pilot plant, or the completion of a definitive feasibility study.

The Options represent 2.3% of the current issued share capital being 177,929, 950 or 2.5% of the enlarged share capital of 196,679,950 from Monday 31 October 2022 following the recent issue of shares regarding the strategic investment.

 

Amount

Exercise Price *

Mike Ralston (CEO)

1,500,000

£0.05

Iain Wearing (COO)

1,000,000

£0.05

Cameron Pearce (Chairman)

1,000,000

£0.05

Lionshead Consultants Ltd (Sam Quinn) (Non Exec Director)

1,000,000

£0.05

Alexander Passmore (Non Exec Director)

500,000

£0.05

 

*subject to vesting conditions being satisfied. Share price must be in excess of 10p for 10 consecutive trading days.

Warrants

The Company also notifies that 3m warrants have been issued to a consultant pursuant to a consulting services agreement, which are exercisable at 8p per share, for a period of 3 years, conditional on the delivery of 3 non-binding memorandums of understanding for the sale of graphite concentrate from Orom-Cross.

For further information please contact:

 

Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

 

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

 

Twitter https://twitter.com/BlencoweRes

 

LinkedIn https://www.linkedin.com/company/72382491/admin/

 

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 coarse 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 through the Feasibility Study phase as it drives towards first production targeted for 2023.

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. 0.05

2. 0.05

3. 0.05

4. 0.05

5. 0.05

 

1,000,000

1,500,000

500,000

1,000,000

1,000,000

 

d)

 

Aggregated information

- Aggregated volume

N/A

- Price

£0.05

e)

 

Date of the transaction

 

27/10/2022

f)

 

Place of the transaction

 

London Stock Exchange

 

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END
 
 
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