Last checked at 18 May 2020 10:53
18 May 2020
Galileo Resources Plc
("Galileo" or the "Company")
Issuance of Director & Employee share options
Galileo, the exploration and development mining company, announces that options to subscribe for 35,100,000 new ordinary shares of the Company ("Ordinary Shares") in two tranches of 17,550,000 Ordinary Shares each were granted on 15 May 2020 to the directors of the Company and key officers and employees at an exercise price of 1.30 pence and 1.80 pence per Ordinary Share respectively, all of which vest immediately. The options have a term of five years and any unexercised options will expire at midnight 10 May 2025.
The options announced today will result in a net increase of 35,100,000 options held by Directors, officers and employees of the Company. Subsequent to this grant, a total of 44,800,000 share options are held by the Company's current Directors, officers and employees representing approximately 8.0% of the Company's fully diluted share capital outstanding. All outstanding options held by current Directors, officers and employees, other than those included in this grant, have an exercise price of 1.85 pence per share.
The Board approved the issuance of these share option grants to incentivise and retain key Directors, officers and employees critical to enhancing the future market value of the Company and notes the significant premium of the respective exercise prices relative to the current share price. The Board considered both historical practices and on-going funding requirements in this regard
The option exercise prices in the two tranches are at approximately 53% and 112% premiums respectively to the closing mid-market price as at 15 May 2020.
The grants made to the directors are as follows:
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Following the implementation of the above option grant, the directors will hold the following options over Ordinary Shares:
Director | Number of Ordinary Shares to which the options relate | Option exercise price pence |
Coin Bird | 5,000,000 | 1.85 |
7,500,000 | 1.30 | |
7,500,000 | 1.80 | |
Andrew Sarosi | 3,000,000 | 1.85 |
4,000,000 4,000,000 | 1.30 1.80 | |
Richard Wollenberg | 750,000 750,000 750,000 | 1.85 1.30 1.80 |
Christopher Molefe | 250,000 500,000 500.000 | 1.85 1.30 1.80 |
Colin Bird Chairman said "We believe option compensation aligns the interests of management and shareholders and is a crucial motivational and retention tool in light of the Company's liquidity constraints. They are particularly important now that we have agreed to acquire a significant number of Cu-Ni-PGE (platinum group elements) prospecting licences in the increasingly highly regarded prospective Kalahari Copper and Limpopo Mobile Belts of Botswana
A copy of this announcement is available on the Company's website www.galileoresources.com.
You can also follow Galileo on Twitter: @GalileoResource.
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact: Galileo Resources PLC
Colin Bird, Chairman Andrew Sarosi, Executive Director | Tel +44 (0) 20 7581 4477 Tel +44 (0) 1752 221937 |
Beaumont Cornish Limited - Nomad Roland Cornish/James Biddle | Tel +44 (0) 20 7628 3396 |
Novum Securities Limited - Joint Broker Colin Rowbury /Jon Belliss | +44 (0) 20 7399 9400 |
Shard Capital Partners LLP - Joint Broker Damon Heath | Tel +44 (0) 20 7186 9952 |