Last checked at 28 Jul 2022 10:35
28 July 2022
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 39,000,000 new ordinary shares of the Company ("Ordinary Shares") were granted on 27 July 2022 to the directors of the Company and key officers and employees at an exercise price of 1.35 pence per share, vesting immediately. The options have a term of five years and any unexercised options will expire at midnight on 27 July 2027.
The options announced today will result in an increase of 39,000,000 options held by Directors, officers, and employees of the Company. Subsequent to this grant, a total of 97,700,000 share options are held by the Company's current Directors, officers and employees representing approximately 8.80 % 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 exercise prices ranging between 1.30 and 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 price is at approximately 45% premium to the closing mid-market price as at 26 July 2022 of 0.925 pence.
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 |
Colin Bird | 15,000,000 | 1.35 |
7,500,000 | 1.30 | |
7,500,000 | 1.80 | |
3,500,000 | 1.85 | |
3,500,000 | 1.45 | |
Joel Silberstein | 4,000,000 | 1.35 |
1,000,000 | 1.85 | |
1,000,000 | 1.45 | |
Edward Slowey | 5,500,000 | 1.35 |
500,000 | 1.30 | |
500,000 | 1.80 | |
1,500,000 1,500,000 | 1.45 1.85 | |
Richard Wollenberg
| 750,000 750,000 | 1.30 1.80 |
500,000 | 1.45 | |
500,000 | 1.85 | |
Christopher Molefe | 1,000,000 500,000 500.000 | 1.35 1.30 1.80 |
300,000 | 1.45 | |
300,000 | 1.85 | |
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 Edward Slowey, Executive Director | Tel +44 (0) 20 7581 4477 Tel +353 (0) 601 4466
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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 |