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3 Dec 2018 07:00
3 December 2018
GCM Resources plc
("GCM" or the "Company")
(LON:GCM)
Resignation of Director
GCM Resources plc (LON:GCM), an AIM quoted mining and energy company, announces the resignation of Nik Raof Daud from his position as an independent non-executive director. He joined the Board in September 2016 and has served the Company for three years. The Board is very grateful to Mr Daud for his contribution and service which have been of great value to the Company. Mr Daud's resignation takes effect as of 1 December 2018. The Company is in the advanced stages of recruiting a replacement Independent Non-Executive Director.
In appreciation of his services, the Board has decided to award Mr Daud 100,000 new ordinary shares in the Company ("Award Shares"). The Award Shares will rank pari passu with the Company's existing ordinary share capital. An application has been made for the Award Shares to be admitted to trading on AIM and dealings in the new ordinary shares are expected to commence at 8.00 a.m. on 7 December 2018 ("Admission").
Voting Rights
Following Admission, the total issued share capital will consist of 98,213,655 ordinary shares. The total number of voting rights in the Company will be 98,213,655 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
For further information:
GCM Resources plc James Hobson Finance Director +44 (0) 20 7290 1630
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Northland Capital Partners Ltd Nominated Adviser and Broker Matthew Johnson Jamie Spotswood +44 (0) 20 3861 6625 |
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GCM Resources plc | |||
Tel: +44 (0) 20 7290 1630 | |||
info@gcmplc.com; www.gcmplc.com | |||
About GCM Resources
GCM Resources plc (LON:GCM), the AIM listed mining and energy company, has identified a high quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project (the Project) in north-west Bangladesh.
Utilising the latest highly energy efficient power generating technology the Phulbari coal mine is capable of supporting power plants of up to 6,000MW. GCM is awaiting approval from the Government of Bangladesh to develop the Project. The Company has a strategy of combining the Company's mine proposal with up to 6,000MW of power generation, together with credible, internationally recognised strategic partners. GCM aims to deliver a practical power solution to provide the cheapest electricity in the country, in a manner amenable to the Government of Bangladesh.
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