Last checked at 20 Dec 2017 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
20 December 2017
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
Share Option Scheme
Cora Gold Limited, the West African focused gold exploration company, announces the establishment of a share option scheme (the "Scheme") and the granting of options (the "Options").
As outlined in the Company's Admission Document dated 4 October 2017, the formation of a Scheme has been under consideration as a tool to further align the interests of the Board and Management with those of Cora Gold's shareholders.
On 18 December 2017 Options were granted over a total of 2,550,000 ordinary shares of no par value in the capital of the Company ("Ordinary Shares"), equivalent to 4.64% of the current issued Ordinary Shares. The exercise price of the Options is 16.50 pence per Ordinary Share, a premium of 34.69% to the previous trading day's closing mid-market price of the Ordinary Shares. The Options are for a period of five years from the Date of Grant.
The Options are subject to the following principal conditions:
1. Each option holder executing an option deed letter with the Company ("Grant Date");
2. Approval by shareholders at the Company's next annual general meeting ("Approval");
3. The Options are not assignable or transferable;
4. The option holder remaining a director, employee or consultant to the Company or a subsidiary of the Company, or for a period not exceeding six-months of them ceasing to be such, or twelve-months in the event of death;
5. One quarter of the Options vesting immediately on the later of the Grant Date and Approval;
6. One quarter of the Options vesting six-months from the later of the Grant Date and Approval;
7. One quarter of the Options vesting twelve-months from the later of the Grant Date and Approval; and
8. One quarter of the Options vesting eighteen-months from the later of the Grant Date and Approval.
The Options that have been granted to persons discharging management responsibility ("PDMR") under the Market Abuse Regulation are detailed below.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 | Details of person discharging managerial responsibilities / person closely associated | ||
a) | Name | Geoffrey McNamara | |
2 | Reason for the notification | ||
a) | Position / status | Director and Non-Executive Chairman | |
b) | Initial notification / Amendment | Initial | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Cora Gold Limited | |
b) | LEI | 213800TW2N9JJYCUDD71 | |
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 no par value
VGG2423W1077 | |
b) | Nature of the transaction | Grant of share options | |
c) | Price(s) and volume(s) | Price(s) 0.165 GBP | Volume(s) 325,000 |
d) | Aggregated information - - Aggregated volume - - Price |
325,000 0.165 GBP | |
e) | Date of the transaction | 18 December 2017 | |
f) | Place of the transaction | AIM (LSE) | |
1 | Details of person discharging managerial responsibilities / person closely associated | ||
a) | Name | Jonathan Forster | |
2 | Reason for the notification | ||
a) | Position / status | Director and Chief Executive Officer | |
b) | Initial notification / Amendment | Initial | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Cora Gold Limited | |
b) | LEI | 213800TW2N9JJYCUDD71 | |
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 no par value
VGG2423W1077 | |
b) | Nature of the transaction | Grant of share options | |
c) | Price(s) and volume(s) | Price(s) 0.165 GBP | Volume(s) 400,000 |
d) | Aggregated information - - Aggregated volume - - Price |
400,000 0.165 GBP | |
e) | Date of the transaction | 18 December 2017 | |
f) | Place of the transaction | AIM (LSE) | |
1 | Details of person discharging managerial responsibilities / person closely associated | ||
a) | Name | Hummingbird Resources plc | |
2 | Reason for the notification | ||
a) | Position / status | In relation to the provision of services of Robert Monro (Non-Executive Director) | |
b) | Initial notification / Amendment | Initial | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Cora Gold Limited | |
b) | LEI | 213800TW2N9JJYCUDD71 | |
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 no par value
VGG2423W1077 | |
b) | Nature of the transaction | Grant of share options | |
c) | Price(s) and volume(s) | Price(s) 0.165 GBP | Volume(s) 275,000 |
d) | Aggregated information - - Aggregated volume - - Price |
275,000 0.165 GBP | |
e) | Date of the transaction | 18 December 2017 | |
f) | Place of the transaction | AIM (LSE) | |
1 | Details of person discharging managerial responsibilities / person closely associated | ||
a) | Name | David Pelham | |
2 | Reason for the notification | ||
a) | Position / status | Non-Executive Director | |
b) | Initial notification / Amendment | Initial | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Cora Gold Limited | |
b) | LEI | 213800TW2N9JJYCUDD71 | |
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 no par value
VGG2423W1077 | |
b) | Nature of the transaction | Grant of share options | |
c) | Price(s) and volume(s) | Price(s) 0.165 GBP | Volume(s) 275,000 |
d) | Aggregated information - - Aggregated volume - - Price |
275,000 0.165 GBP | |
e) | Date of the transaction | 18 December 2017 | |
f) | Place of the transaction | AIM (LSE) | |
1 | Details of person discharging managerial responsibilities / person closely associated | ||
a) | Name | Paul Quirk | |
2 | Reason for the notification | ||
a) | Position / status | Non-Executive Director | |
b) | Initial notification / Amendment | Initial | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Cora Gold Limited | |
b) | LEI | 213800TW2N9JJYCUDD71 | |
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 no par value
VGG2423W1077 | |
b) | Nature of the transaction | Grant of share options | |
c) | Price(s) and volume(s) | Price(s) 0.165 GBP | Volume(s) 275,000 |
d) | Aggregated information - - Aggregated volume - - Price |
275,000 0.165 GBP | |
e) | Date of the transaction | 18 December 2017 | |
f) | Place of the transaction | AIM (LSE) | |
1 | Details of person discharging managerial responsibilities / person closely associated | ||
a) | Name | Craig Banfield | |
2 | Reason for the notification | ||
a) | Position / status | Chief Financial Officer and Company Secretary | |
b) | Initial notification / Amendment | Initial | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Cora Gold Limited | |
b) | LEI | 213800TW2N9JJYCUDD71 | |
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 no par value
VGG2423W1077 | |
b) | Nature of the transaction | Grant of share options | |
c) | Price(s) and volume(s) | Price(s) 0.165 GBP | Volume(s) 400,000 |
d) | Aggregated information - - Aggregated volume - - Price |
400,000 0.165 GBP | |
e) | Date of the transaction | 18 December 2017 | |
f) | Place of the transaction | AIM (LSE) | |
** ENDS **
For further information, please visit http://www.coragold.com or contact:
Jon Forster | Cora Gold | +44 (0) 20 3239 0010 |
John Depasquale/Nick Harriss/ Liz Kirchner | Allenby Capital (Nominated Adviser) | +44 (0) 20 3328 5656 |
Peter Krens/Nick Orgill | Mirabaud Securities (Joint Broker) | +44 (0) 20 3167 7150 |
Jon Belliss | Beaufort Securities (Joint Broker) | +44 (0) 20 7382 8300 |
Lottie Wadham/Susie Geliher | St Brides Partners (Financial PR) | +44 (0) 20 7236 1177 |
Notes to the Editors
Cora Gold is a new gold exploration company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio. Cora Gold's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (South Mali), which Cora Gold believes has the potential for a standalone mine development. Cora Gold's highly experienced and successful management team has a proven track record in making multi-million ounce gold discoveries which have been developed into profitable mines.