2 Dec 2016 13:14
2 December 2016
W Resources Plc
("W" or the "Company")
Grant of Share Options
W Resources Plc (AIM:WRES), the tungsten, copper and gold, production, exploration and development company with assets in Spain and Portugal, announces the Directors have approved the recommendation of the Remuneration Committee to make a grant of share options over 120,000,000 new ordinary shares of 0.1p of the Company ("Ordinary Shares") to Directors (the "Options"). The strike prices are at a 59%, 82% and 127% premium to the share price at yesterday's closing share price.
Following the grant of the options the Directors will hold the following Ordinary Shares and Options.
Director | Number of Options | Exercise Price | Expiry Date | Ordinary Shares |
Michael Masterman | 20,000,000 10,000,000 10,000,000 | £0.007 £0.008 £0.01 | 31 December 2020 31 December 2020 31 December 2020 | 822,617,832 |
Byron Pirola | 20,000,000 10,000,000 10,000,000 | £0.007 £0.008 £0.01 | 31 December 2020 31 December 2020 31 December 2020 | 278,781,176 |
David Garland | 20,000,000 10,000,000 10,000,000 | £0.007 £0.008 £0.01 | 31 December 2020 31 December 2020 31 December 2020 | 5,555,555 |
The Options will be capable of exercise at any time until their expiry date of 31 December 2020.
Following the above grant, there are a total of 120,000,000 share options granted over unissued Ordinary Shares, representing 2.75% of the Company's current issued share capital of 4,360,495,974 Ordinary Shares.
The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further detail.
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Michael Masterman | |
2 | Reason for the notification | ||
a) | Position / status | Chairman | |
b) | Initial notification / Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | W Resources Plc | |
b) | LEI | - | |
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 | Options to subscribe for new ordinary shares of 0.01p each | |
Identification code | GB00B0358H47 | ||
b) | Nature of the transaction | Grant of options | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.007 exercise price | 20,000,000 | ||
£0.008 exercise price | 10,000,000 | ||
£0.01 exercise price | 10,000,000 | ||
d) | Aggregated information | ||
Aggregated volume | 40,000,000 | ||
Price | 0.008 | ||
e) | Date of the transaction | 2 December 2016 | |
f) | Place of the transaction | Outside of a trading venue | |
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Byron Pirola | |
2 | Reason for the notification | ||
a) | Position / status | Non-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 | W Resources Plc | |
b) | LEI | - | |
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 | Options to subscribe for new ordinary shares of 0.01p each | |
Identification code | GB00B0358H47 | ||
b) | Nature of the transaction | Grant of options | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.007 exercise price | 20,000,000 | ||
£0.008 exercise price | 10,000,000 | ||
£0.01 exercise price | 10,000,000 | ||
d) | Aggregated information | ||
Aggregated volume | 40,000,000 | ||
Price | 0.008 | ||
e) | Date of the transaction | 2 December 2016 | |
f) | Place of the transaction | Outside of a trading venue | |
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | David Garland | |
2 | Reason for the notification | ||
a) | Position / status | Non-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 | W Resources Plc | |
b) | LEI | - | |
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 | Options to subscribe for new ordinary shares of 0.01p each | |
Identification code | GB00B0358H47 | ||
b) | Nature of the transaction | Grant of options | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.007 exercise price | 20,000,000 | ||
£0.008 exercise price | 10,000,000 | ||
£0.01 exercise price | 10,000,000 | ||
d) | Aggregated information | ||
Aggregated volume | 40,000,000 | ||
Price | 0.008 | ||
e) | Date of the transaction | 2 December 2016 | |
f) | Place of the transaction | Outside of a trading venue | |
Enquiries:
W Resources Plc Michael Masterman T: +44 (0) 20 7193 7463 www.wresources.co.uk | Grant Thornton UK LLP Colin Aaronson / Samantha Harrison / Harrison Clarke T: +44 (0) 20 7383 5100 |
SI Capital Andy Thacker / Nick Emerson T: +44 (0) 1483 413500 www.sicapital.co.uk | Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431 |
About W
In 2012, W Resources Plc (AIM:WRES) made the successful transition into a tungsten production exploration and development company with projects in Spain and Portugal, following two acquisitions.
Projects include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the CAA/Portalegre copper-gold project in Portugal.
The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply.
The Board is focused to explore further opportunities in the region with a view to building a mid-tier minor metal producer.