Last checked at 18 Dec 2019 10:00
18 December 2019
CHESTERFIELD RESOURCES PLC
(TIDM: CHF)
Operational and corporate update
Highlights
·; Greatly expanded target programme in Troodos West with at least ten specified drill targets
·; Series of significant anomalies buried in a cluster within a 4sq km area
·; Invasive testing programme about to commence
·; Drilling planned for 1Q 2020
·; New incentive options programme
Operational update
Chesterfield Resources plc is pleased to provide an operational update for the end of the year 2019. There has been considerable, and unexpected, progress in our target development programme at Troodos West. The company now has ten specified drill targets at Troodos West and may add more to this list.
The area was last actively mined in the 1970s, prior to the invasion of Northern Cyprus by Turkey in 1974. We believe that until this time ore bodies were identified only by surface expressions of mineralisation. It is well known that Cyprus VMS deposits have a tendency to be formed in clusters. It is therefore likely that further deposits would have occurred underground with no evidence at surface. It has been our strategy to seek out such buried ore bodies using modern exploration techniques.
In recent months many new such anomalies have been identified and have risen up our ranking of targets. Many of them are within a few kilometres of each other as so to potentially form feeder deposits for a single processing plant. It therefore became logical to delay our diamond drill programme until such time as the target ranking became properly defined.
We are about to commence a final programme of invasive test work on our target list and then proceed with diamond drilling when weather permits in Q1 2020. In the new year the Company will provide more detailed information on specific targets and the results of testing 2020 will be a busy year for Chesterfield Resources plc.
The team has been working hard and this is an opportune time to incentivise them to boost shareholder value going forward. Therefore, the Remuneration Committee has agreed to issue options over a total of 2,300,000 ordinary shares of £0.001 each in the capital of the Company ("Share Options"). These options will vest on 1 January 2020 and will expire in five years from the date of issue with an exercise price of 5p.
The Share Options represent in aggregate 3.71% of the existing issued ordinary share capital of the Company and have been issued to key personnel, Persons Discharging Managerial Responsibilities ("PDMRs") and consultants of the Company in line with the Company's ongoing incentive plans.
The breakdown of the options to be granted to PDMRs is set out below:
Name | Position | Number of options granted with an exercise price of £0.05 |
Martin French | Director | 1,000,000 |
Mike Parker | Chief Operating Officer | 500,000 |
Peter Damouni | Director | 250,000 |
David Cliff | Director | 100,000 |
Options will also be granted to the following consultants and employees:
Name | Number of options granted with an exercise price of £0.05 |
Neil O'Brian | 250,000 |
Ryan Fells | 100,000 |
George Clegg | 100,000 |
Martin French, Executive Chairman said "The growth of the high priority target list, with so many anomalies buried in close proximity was a surprise to us. Each anomaly is backed up by several separate layers of exploration evidence. We are hopeful of discovering a number of buried ore bodies of commercial grade that could form a commercial mining project. With so many targets, this will be an iterative process spread over several months.
Regarding the incentive option scheme, options are being issued at 5p, a considerable 66% premium to the current share price, and start to become meaningful to executives if the value of the company moves through 10-15p. In other words they are designed to reward a transformational event, such as a discovery or new project acquisition. We want 2020 to be a transformational year for our shareholders and the team is being incentivised accordingly. We have built up an excellent slate of targets at Troodos West, and we expect to add to more targets to this list. We have also been actively looking for new projects in the Tethyan geological belt outside Cyprus, an initiative that I am leading. We hope to find at least one new deal in 2020. Mike Parker has been focussed on the exploration drive in Cyprus, aided by his field team of Ryan Fells and George Clegg. Neil O'Brian has been doing important work for us a geological consultant, working closely with Mike and Dave Cliff who have formed a technical committee which is working well.
The Company work programmes are well advanced moving into 2020. We are optimistic that this will prove a good year for investors in Chesterfield Resources plc".
**ENDS**
For further information, please visit http://www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44(0)7901 552277
Brandon Hill Capital (Broker):
Jonathan Evans/Oliver Stansfield Tel: +44 20 3463 5000
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: | Martin French | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Chesterfield Resources plc | ||||
b) | LEI: | 213800EF8I2TT767IU35 | ||||
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: | Share options over ordinary shares of £0.001 each GB00BF2F1X78 | ||||
b) | Nature of the transaction: | Grant of options over ordinary shares | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: |
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e) | Date of the transaction: | 2019-12-18
08:10 hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Peter Damouni | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Chesterfield Resources plc | ||||
b) | LEI: | 213800EF8I2TT767IU35 | ||||
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: | Share options over ordinary shares of £0.001 each GB00BF2F1X78 | ||||
b) | Nature of the transaction: | Grant of options over ordinary shares | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: |
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e) | Date of the transaction: | 2019-12-18 08:10 hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | David Cliff | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Chesterfield Resources plc | ||||
b) | LEI: | 213800EF8I2TT767IU35 | ||||
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: | Share options over ordinary shares of £0.001 each GB00BF2F1X78 | ||||
b) | Nature of the transaction: | Grant of options over ordinary shares | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: |
| ||||
e) | Date of the transaction: | 2019-12-18 08:10 hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Mike Parker | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Chief Operating Officer | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Chesterfield Resources plc | ||||
b) | LEI: | 213800EF8I2TT767IU35 | ||||
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: | Share options over ordinary shares of £0.001 each GB00BF2F1X78 | ||||
b) | Nature of the transaction: | Grant of options over ordinary shares | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: |
| ||||
e) | Date of the transaction: | 2019-12-18 08:10 hrs UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||