Last checked at 12 Sep 2022 07:53
12 September 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Greatland Gold plc("Greatland" or "the Company")
Grant of Co-Investment Options and Share Options
PDMR dealing notifications
Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, announces the grant of co-investment options to subscribe for new ordinary shares in the Company to its proposed Directors, Mr Mark Barnaba and Ms Elizabeth Gaines, and to Mr Paul Hallam, an existing Non-Executive Director (together the "Co-Investment Options").
In addition, the Company has also granted Mr James 'Jimmy' Wilson, a newly appointed Executive Director, options to subscribe for 40,000,000 new ordinary shares in the Company under the Company's employee share scheme ("Share Options").
Further details of the Co-Investment Options
The Co-Investment Options are a one-off equity incentive package structured to align the interests of the Mr Barnaba, Ms Gaines and Mr Hallam in delivering substantial growth in shareholder value for the benefit of Greatland shareholders.
The Co-Investment Option structure has been designed to create strong and immediate alignment with shareholders to deliver substantial share price growth, with the option exercise price being set at 45 per cent above the equity placement price announced today.
The number of Co-Investment Options granted to Mr Barnaba, Ms Gaines and Mr Hallam is as follows:
Name | Role | Number of shares under option | Proportion of expanded capital if fully exercised* |
Mark Barnaba | Non-Executive Chairman** | 100,000,000 | 1.79% |
Elizabeth Gaines | Non-Executive Director and Deputy Chair** | 55,000,000 | 0.98% |
Paul Hallam | Non-Executive Director | 40,000,000 | 0.72% |
* Expanded capital calculated on basis of completion of Wyloo share placement and exercise of all Wyloo warrants as announced on 12 September 2022; plus the conversion of all options outlined in this announcement. The gross proceeds from the exercise of all the above Co-Investment Options is c.£23m.
** From 1 January 2023
The Key Terms of the Co-Investment Options are contained in the following table:
Key Terms |
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Exercise Period | Date of issue to 31 August 2026 |
Exercise price | 11.9 pence (representing a 45 per cent premium to 8.2 pence which was the price at which equity was issued in the recent placing announced on 24 August 2022 and a 46 per cent premium to the five-day volume weighted average share price to 9 September 2022) |
Vesting | Vesting immediately upon granting |
Retention | The intention is that the Co-Investment Options are issued to align the interests of the individuals with that of Greatland's shareholders. To give effect to this intention, the parties agree to discuss in good faith a retention arrangement of three years in respect of the shares arising on exercise |
Mr Wilson's 40,000,000 Share Options have been granted on substantively the same terms as the Co-Investment Options.
Related Party Opinion
As Paul Hallam and James Wilson are both existing directors, the granting of the Co-Investment Options and Share Options are considered related party transactions for the purposes of the AIM Rules. The independent directors (being the directors other than Paul Hallam and James Wilson), having consulted with SPARK Advisory Partners Limited, the Company's Nominated Adviser, consider the terms of the Co-Investment Options and Share Options to be fair and reasonable insofar as the Company's shareholders are concerned.
The PDMR dealing notifications at the end of this announcement are made in accordance with the requirements of the UK Market Abuse Regulation.
Enquiries:
Greatland Gold PLC Shaun Day | info@greatlandgold.com www.greatlandgold.com |
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SPARK Advisory Partners Limited (Nominated Adviser) Andrew Emmott/James Keeshan | +44 (0)20 3368 3550
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Berenberg (Joint Corporate Broker and Financial Adviser) Matthew Armitt/Jennifer Lee/Jack Botros | +44 (0)20 3207 7800
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Canaccord Genuity (Joint Corporate Broker and Financial Adviser) James Asensio/Patrick Dolaghan | +44 (0)20 7523 8000
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Hannam & Partners (Joint Corporate Broker and Financial Adviser) Andrew Chubb/Matt Hasson/Jay Ashfield | +44 (0)20 7907 8500 |
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SI Capital Limited (Joint Broker) Nick Emerson/Sam Lomanto | +44 (0)14 8341 3500
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Gracechurch Group (Media and Investor Relations) Harry Chathli/Alexis Gore/Tan Siddique | +44 (0)20 3488 7510
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PDMR dealing notifications
1. | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||||||||
a) |
Name
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2. | Reason for the notification | ||||||||||||||||
a) | Position/status | See 1(a) above for all positions - all classified as PDMRs of the Company | |||||||||||||||
b) | Initial notification/Amendment | Initial Notification | |||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Greatland Gold plc | |||||||||||||||
b) | LEI | 213800KMN7LDF4VRPQ10 | |||||||||||||||
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 | Options over Ordinary Shares of 0.1p each | |||||||||||||||
b) | Identification code | GB00B15XDH89 | |||||||||||||||
c) | Nature of the transactions | Grant of options over Ordinary Shares | |||||||||||||||
d) | Price(s) and volume(s) | Price at grant: Nil Exercise Price: 11.9 pence per Ordinary Share Volume(s)
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e) | Aggregated information - Aggregated volume - Price | n/a - single transaction | |||||||||||||||
f) | Date of the transactions | 12 September 2022 | |||||||||||||||
f) | Place of the transactions | Outside a trading venue | |||||||||||||||
Notes for Editors:
Greatland Gold plc (AIM:GGP) is a mining development and exploration company with a focus on precious and base metals. The Company's flagship asset is the potentially world class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development through a joint venture with Newcrest (the "JV"). Newcrest holds a joint venture interest of 70% (30% Greatland).
Havieron is located approximately 45km east of Newcrest's Telfer gold mine and, subject to positive feasibility study and decision to mine, will leverage the existing infrastructure and processing plant to significantly reduce the project's capital expenditure and carbon impact for a low-risk and low-cost pathway to development.
Construction is well advanced and continuing with the box cut and decline to develop the Havieron deposit originally commenced in February 2021. An extensive growth drilling programme continues at Havieron with a view to further expanding the understanding and scale of the ore body.
Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total of six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.