18 Apr 2016 07:00
18 April 2016
Richland Resources Ltd
("Richland" or "the Company") (AIM: RLD)
DIRECTORS DEALINGS
Richland Resources Ltd. ("Richland" or "the Company") (LSE AIM: RLD) today announces the issue of 5,400,709 common shares of US$0.0003 each ("Shares") on 18th April 2016 in satisfaction of accrued directors fees which have been unpaid since 1st January 2014. The directors have voluntarily suspend payment of a significant percentage of remuneration in 2014, in order to conserve cash within the Company and the reduced fees remained unpaid since 1st January 2014.
The Directors have now opted to convert all fees as at 31st March 2016 into shares in order to continue conserving cash reserves within Richland as the Company continues its mine ramp-up at the Capricorn Sapphire project located in Queensland, Australia.
The conversion will be made at the volume weighted average price of the Company's shares over the period the fees were outstanding, The VWAP over the period of 3.4 pence represents a premium of 60% to the closing share price of 2.125 pence on Friday, 15 April 2016. In total, unpaid fees of US$260,625 will be converted into 5,400,709 Shares.
Following the issue of Shares described above, the beneficial shareholdings of each director of Richland will be as follows:
Director | Current shareholding of unrestricted shares | Shares issued in settlement of accrued fees | Total number of unrestricted common shares held following settlement | Percentage of the enlarged issued share capital immediately following Admission |
Edward Nealon | 10,678,539 | 1,359,889 | 12,038,428 | 5.41% |
Ami Mpungwe | 6,244,686 | 1,567,114 | 7,811,800 | 3.51% |
Nicholas Sibley | 14,301,788 | 1,230,377 | 15,532,165 | 6.98% |
Dr. Bernard Olivier (1) | 2,374,422 | 1,243,329 | 3,617,751 | 1.63% |
Notes:
(1) In addition to the above shares Dr. Bernard Olivier also holds 900,000 Restricted Shares which if sold would require him to pay to the Company the lower of 16.0327 pence per share or the market price at which the shares are sold. The Restricted Shares loan is due on 10 December 2016.
Application will be been made for 5,400,709 shares to be admitted to trading on the AIM market of the London Stock Exchange. Admission is expected to become effective on 21 April 2016. Following Admission the Company will have 222,610,604 Shares in issue.
For more information please contact:
Bernard Olivier Chief Executive Officer +61 (0) 4089 48182
| Laurence Read Corporate Development and Communications Officer +44 (0) 20 3289 9923
| Nominated Advisor RFC Ambrian Limited Samantha Harrison +44 (0) 20 3440 6800
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Mike Allardice Group Company Secretary +852 91 864 854
| Shore Capital Jerry Keen (corporate broking) Toby Gibbs / Mark Percy (corporate finance) +44 (0) 20 7408 4090
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Notes to the Editor: Further information is available on the Company's website: www.richlandresourcesltd.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.