Last checked at 10 Aug 2021 07:00
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining
10 August 2021
Jangada Mines plc
Issue of Share Options and Warrants
Jangada Mines plc ('Jangada' or the 'Company'), a natural resources company, announces that it has approved an incentivisation scheme for the Board of Directors and Brazilian based employees and consultants of the Company. There is no incentive scheme currently in place.
The incentivisation scheme is split into two tranches, and involves the issue of share options ("Options") over new ordinary shares of £0.0004 each in the Company ("Ordinary Shares"), with an exercise price of 8 pence per Option (the "Exercise Price"), and an expiry period of four years from the date of grant. The Exercise Price is an c. 13% premium to the 10-day VWAP to 6 August 2021 of the Ordinary Shares.
· Tranche A, whereby Option holders are granted Options with vesting conditions linked to performance; and
· Tranche B, whereby Option holders are granted Options without vesting conditions linked to performance.
Tranche A
Name of Option holder | Number of Ordinary Shares over which the Options are to be granted |
Brian McMaster | 9,000,000 Options which shall vest as follows: · 4,200,000 Options will vest immediately following the granting of all necessary permits required to commence production at the Pitombeiras Vanadium Project (the "Permit Condition"); and · 4,800,000 Options will vest immediately following commencement of production at the Pitombeiras Vanadium Project ("First Production"). |
Luis Azevedo | 7,500,000 Options which shall vest as follows: · 3,500,000 Options will vest immediately on achievement of the Permit Condition; and · 4,000,000 Options will vest immediately on First Production. |
Brazil based employees and consultants | 3,750,000 Options which shall vest as follows: · 1,750,000 Options will vest immediately on achievement of the Permit Condition; and · 2,000,000 Options will vest immediately on First Production. |
Tranche B
Name of Option holder | Number of Ordinary Shares over which the Options are to be granted |
Brian McMaster | 3,000,000 |
Luis Azevedo | 2,500,000 |
Nick von Schirnding | 3,000,000 |
Brazil based employees and consultants | 1,250,000 |
In aggregate, 30,000,000 Options have been granted under this award, representing approximately 11.6% of the currently issued Ordinary Shares. Other than Nick von Schirnding who holds 1,000,000 Options from a prior issue, the Directors hold no further Options. There are also a further 5,150,000 Options currently outstanding per previous grants.
The Company has also issued an adviser a warrant over 1,000,000 Ordinary Shares, with an exercise price of 8 pence per warrant and an expiry period of four years from the date of grant.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (withdrawal). Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please visit www.jangadamines.com or contact:
Jangada Mines plc | Brian McMaster (Chairman) | Tel: +44 (0) 20 7317 6629 |
Strand Hanson Limited (Nominated & Financial Adviser) | James Spinney Ritchie Balmer
| Tel: +44 (0)20 7409 3494 |
Brandon Hill Capital (Broker) | Jonathan Evans Oliver Stansfield | Tel: +44 (0)20 3463 5000 |
St Brides Partners Ltd (Financial PR) | Isabel de Salis Frank Buhagiar | Tel: +44 (0)20 7236 1177 |
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further details of above transaction.
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Brian McMaster | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Executive Chairman | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Jangada Mines plc | ||||
b) | LEI: | 213800LTGB12E32IN691 | ||||
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: | Options over Ordinary shares of £0.0004 each ISIN: GB00BZ11WQ61 | ||||
b) | Nature of the transaction: | Granting and receipt of Options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information:Aggregated volume: Price: | Granting and receipt of Options 12,000,000 8.0 p | ||||
e) | Date of the transaction: | 9 August 2021
| ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Luis Azevedo | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Jangada Mines plc | ||||
b) | LEI: | 213800LTGB12E32IN691 | ||||
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: | Options over Ordinary shares of £0.0004 each ISIN: GB00BZ11WQ61 | ||||
b) | Nature of the transaction: | Granting and receipt of Options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information:Aggregated volume: Price: | Granting and receipt of Options 10,000,000 8.0 p | ||||
e) | Date of the transaction: | 9 August 2021
| ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Nick von Schirnding | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Independent Non-Executive Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Jangada Mines plc | ||||
b) | LEI: | 213800LTGB12E32IN691 | ||||
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: | Options over Ordinary shares of £0.0004 each ISIN: GB00BZ11WQ61 | ||||
b) | Nature of the transaction: | Granting and receipt of Options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | As above
| ||||
e) | Date of the transaction: | 9 August 2021
| ||||
f) | Place of the transaction: | Outside a trading venue | ||||