17 Aug 2021 15:45
17 August 2021
IronRidge Resources Limited
Issue of Options and Performance Rights
Further to the announcement on 23 July 2021, IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company') confirms that shareholders, at the Company's Extraordinary General Meeting today, have approved and the Company has issued the following unlisted Options and Performance Rights as detailed below to the CEO Mr Vincent Mascolo.
Unlisted Options
Number of Options Strike Price Term to Expiry
4,000,000 30 pence 18 August 2023
5,000,000 40 pence 18 August 2023
6,000,000 50 pence 18 August 2023
Unlisted Performance Rights
Number of Performance Rights Maturity Price Term to Expiry
450,000 30 pence 18 August 2023
450,000 35 pence 18 August 2023
450,000 40 pence 18 August 2023
450,000 45 pence 18 August 2023
450,000 50 pence 18 August 2023
450,000 55 pence 18 August 2023
450,000 60 pence 18 August 2023
450,000 65 pence 18 August 2023
1,000,000 70 pence 18 August 2023
1,500,000 75 pence 18 August 2023
2,000,000 GBP1.00 18 August 2023
The Maturity Price condition triggers the vesting of the Performance Rights to fully paid ordinary shares and is based on a 15 Trading Day Volume Weighted Average Price ("VWAP") metric for each tranche of Performance Rights.
As also noted in the announcement on 23 July 2021, the Company has allotted the following unlisted Options and Performance Rights to Chief Operating Officer Mr Len Kolff.
Unlisted Options
Number of Options Strike Price Term to Expiry
3,000,000 30 pence 18 August 2023
4,000,000 40 pence 18 August 2023
5,000,000 50 pence 18 August 2023
Unlisted Performance Rights
Number of Performance Rights Maturity Price Term to Expiry
225,000 30 pence 18 August 2023
225,000 35 pence 18 August 2023
225,000 40 pence 18 August 2023
225,000 45 pence 18 August 2023
225,000 50 pence 18 August 2023
225,000 55 pence 18 August 2023
225,000 60 pence 18 August 2023
225,000 65 pence 18 August 2023
500,000 70 pence 18 August 2023
750,000 75 pence 18 August 2023
1,000,000 GBP1.00 18 August 2023
The Maturity Price condition triggers the vesting of the Performance Rights to fully paid ordinary shares and is based on a 15 Trading Day VWAP metric for each tranche of Performance Rights.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
TABLE 1 - ISSUE OF UNLISTED OPTIONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Vincent Mascolo | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Director and CEO | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | IronRidge Resources Limited | ||||
b) | LEI: | 213800H1JY3J7BB6BN06 | ||||
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: | Unlisted options exercisable through to 18 August 2023. ISIN: AU0000XINEX3 | ||||
b) | Nature of the transaction: | Grant of options over ordinary shares.
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c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 17 August 2021 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
TABLE 2 - ISSUE OF PERFORMANCE RIGHTS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Vincent Mascolo | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Director and CEO | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | IronRidge Resources Limited | ||||
b) | LEI: | 213800H1JY3J7BB6BN06 | ||||
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: | Performance Rights exercisable through to 18 August 2023. ISIN: AU0000XINEX3 | ||||
b) | Nature of the transaction: | Grant of performance rights over ordinary shares. | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 17 August 2021 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
TABLE 3 - ISSUE OF UNLISTED OPTIONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Len Kolff | ||||
2. | Reason for the notification | |||||
a) | Position/status: | COO | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | IronRidge Resources Limited | ||||
b) | LEI: | 213800H1JY3J7BB6BN06 | ||||
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: | Unlisted options exercisable through to 18 August 2023. ISIN: AU0000XINEX3 | ||||
b) | Nature of the transaction: | Grant of options over ordinary shares. | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 17 August 2021 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
TABLE 4 - ISSUE OF PERFORMANCE RIGHTS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Len Kolff | ||||
2. | Reason for the notification | |||||
a) | Position/status: | COO | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | IronRidge Resources Limited | ||||
b) | LEI: | 213800H1JY3J7BB6BN06 | ||||
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: | Performance Rights exercisable through to 18 August 2023. ISIN: AU0000XINEX3 | ||||
b) | Nature of the transaction: | Grant of performance rights over ordinary shares. | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 17 August 2021 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
For any further information please contact:
IronRidge Resources Limited Vincent Mascolo (Chief Executive Officer) Amanda Harsas (Company Secretary) www.ironridgeresources.com.au | Tel: +61 2 8072 0640 | ||
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SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat
| Tel: +44 (0)20 3470 0470 | ||
Liberum Capital Limited Joint Company Broker Scott Matheson Edward Thomas Kane Collings |
Tel: +44 (0) 20 3100 2000
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SI Capital Limited Joint Company Broker Nick Emerson Jon Levinson |
Tel: +44 (0) 1483 413 500 Tel: +44 (0) 207 871 4038 | ||
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Yellow Jersey PR Limited Henry Wilkinson Dominic Barretto
| Tel: +44 (0)20 3004 9512 |
Notes to Editors:
About IronRidge
www.ironridgeresources.com.au
IronRidge Resources is an AIM-listed, Africa focused minerals exploration company with a significant lithium pegmatite discovery in Ghana, extensive gold portfolios in Côte d'Ivoire and a potential new gold province discovery in Chad. As announced on 1 June 2021, IronRidge intends to demerge its suite of gold assets into a separate listed entity.
Ghana
The Cape Coast Lithium portfolio covers some 684km2 and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category including 4.5Mt at 1.39% Li2O in the indicated category (reported in accordance with the JORC Code). The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited, Barari Developments Limited and Joy Transporters Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium deposit, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements. The tenure package is also prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.
Côte d'Ivoire
The Company entered into conditional earn-in arrangements in Côte d'Ivoire, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,584km2 and 1,172km2 area respectively. The projects are well located within access of an extensive bitumen road network and along strike from multi-million-ounce gold projects and mines. The Company's most advanced project is the Zaranou gold project which includes high-grade gold drilling intersections along 8km strike including 6m at 6.44g/t gold from 132m, 6m at 15.11g/t gold from 26m, 4m at 5.16g/t gold from 110m and 22m at 3.39g/t gold from 8m within a broader 47km long gold anomalous structure.
Chad
The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 746km2 of highly prospective gold and other mineral projects in Chad, Central Africa. IronRidge acquired 100% of Tekton including its projects and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and Kalaka licenses, which host multiple, large scale gold projects. Trenching results at Dorothe, including 84m at 1.66g/t Au (including 6m at 5.49g/t & 8m at 6.23g/t), 4m at 18.77g/t Au (including 2m at 36.2g/t), 32m at 2.02g/t Au (including 18m at 3.22g/t), 24m at 2.53g/t Au (including 6m at 4.1g/t (including 2m at 6.2g/t) and 2m at 6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining zones over a 3km by 1km area including the steep dipping 'Main Vein' and shallow dipping 'Sheeted Vein' zones.
Corporate
IronRidge made its AIM debut in February 2015, successfully securing strategic alliances with three international companies; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia. Assore is a high-grade iron, chrome and manganese mining specialist. Sumitomo Corporation is a global resources, mining marketing and trading conglomerate. DGR Global is a project generation and exploration specialist.