Last checked at 27 Feb 2017 08:15
FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining
27 February 2017
FinnAust Mining plc ('FinnAust' or the 'Company')
Exercise of Options & Issue of Equity
FinnAust Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, announces that it has received notification from an option holder to exercise options over 1,000,000 new ordinary shares of 0.01 pence each in the share capital of the Company ('Ordinary Shares') at a price of 7.5 pence per share (the 'Option Shares'). Accordingly, the Company has today issued the Option Shares to the option holder for an aggregate cash value of £75,000.
In addition, the Company has today issued 1,000,000 new Ordinary Shares at a deemed issue price of 7 pence per share in two lots of 500,000 to certain newly appointed employees as part of their agreed 2017 remuneration package in lieu of an equivalent cash amount ('Employee Shares'). The appointment of these employees was announced to market on the 31 January 2017.
Application has been made for the Option Shares and the Employee Shares to be admitted to trading on the AIM market of the London Stock Exchange ('Admission'). Admission is expected to occur on or around 2 March 2017.
Total voting rights
Following the issue of the Option Shares and the Employee Shares, the total issued share capital of the Company consists of 622,169,499 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 622,169,499 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Hans Jensen | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Chief Operating Officer | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | FinnAust Mining plc | ||||
b) | LEI: | 213800E9AEFEHFLOVJ19 | ||||
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: | Ordinary shares of no par value GB00BFD3VF20 | ||||
b) | Nature of the transaction: | Issue of new 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: | 10 March 2016 10.00 a.m. UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Eric Sondergaard | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Manager of Geology | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | FinnAust Mining plc | ||||
b) | LEI: | 213800E9AEFEHFLOVJ19 | ||||
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: | Ordinary shares of no par value GB00BFD3VF20 | ||||
b) | Nature of the transaction: | Issue of new 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: | 10 March 2016 10.00 a.m. UTC | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
**ENDS**
For further information please visit www.finnaust.com or contact:
Roderick McIllree | FinnAust Mining plc | +44 (0) 20 7907 9326 |
Graham Marshall | FinnAust Mining plc | +44 (0) 20 7907 9326 |
Ewan Leggat | SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
Laura Harrison | SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
Elisabeth Cowell | St Brides Partners Ltd | +44 (0) 20 7236 1177 |
Charlotte Page | St Brides Partners Ltd | +44 (0) 20 7236 1177 |
Notes
FinnAust has a number of highly prospective licences at various stages of development in Greenland and Finland. The Company is dual listed on the London AIM market and Frankfurt Stock Exchange.
The Company is currently focussed on advancing the Pituffik Project in Greenland, an area that has only recently revealed its mineral potential following changes in the climate. Pituffik, which FinnAust conditionally acquired in December 2015, has demonstrated the potential to be in the top percentile of projects worldwide in terms of heavy mineral grade.
Pituffik comprises three main target areas along an >80km coastline historically proven to contain large and high-grade accumulations of primary ilmenite occurring as placer deposits in the following environments:
· Raised beaches; containing ilmenite accumulations over widths of more than 1km, of unknown depths, along more than 20km of coastline;
· Active beaches; which refer to the area seaward of the frontal dunes, including the beach, tidal zones and surf zone - historically samples from this area have achieved 70% ilmenite by weight; and
· Drowned beaches; refers to the areas seaward of active beaches.
The Company's strategy is focused on the production of a bulk sample "proof of concept" from the Pituffik Project in 2017 with the aim of ultimately generating cash flow to create a company capable of self-funding exploration on future acquisitions.
FinnAust has an interest in 60% of Bluejay Mining Limited the holder of the Pituffik exploration licence and has an option to acquire the remaining 40%. FinnAust announced its intention to exercise the option to acquire the remaining 40% of Bluejay Mining Limited on 20 February 2017, subject to the approval of shareholders.
FinnAust also holds a 100% interest in a portfolio of copper, zinc and nickel projects in Finland. This multi-commodity portfolio remains a strategic asset of importance and has been restructured to be cost-sustainable whilst determining the best plan for future development.