GCM Resources PLC Share issue -- Consultants & Director (7119H)
08 April 2022 - 2:25AM
UK Regulatory
TIDMGCM
RNS Number : 7119H
GCM Resources PLC
07 April 2022
7 April 2022
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Share issue - Consultants & Director
Director/PDMR Shareholding
GCM Resources plc, a n AIM quoted mining and energy company ,
announces the issuance of new ordinary shares of 1 pence each in
the capital of the Company ("Ordinary Shares") as payment of
consulting fees in accordance with the consultancy agreement
announced on 26 October 2018 and extended on 29 June 2020, with
Dyani Corporation Limited ( " Dyani" ) (the "Dyani Agreement"), and
in accordance with the consultancy agreement announced on 4
September 2019, with DG Infratech Pte Ltd ( " DG ") (the " DG
Agreement " ) (together, the "Agreements") .
The Agreements provide that new Ordinary Shares would be awarded
to Dyani and DG, and thus the following monthly consulting fees
will be settled via the issuance of new Ordinary Shares:
-- in lieu of Dyani's retainer fee for the period from 1 April
2021 to 31 March 2022, the Company will issue 2,142,857 new
Ordinary Shares to Dyani;
-- in lieu of DG's retainer fee for the period from 1 March 2021
to 31 August 2021, the Company will issue 400,000 new Ordinary
Shares to DG.
GCM confirms that following the issue of new Ordinary Shares,
Dyani will be interested in 15.67% of the Company ' s enlarged
issued ordinary share capital.
Under the terms of the Dyani & DG Agreements, there are no
restrictions on disposal of the shares issued in respect of the
retainer fees issued to either Dyani or DG, which are intended to
cover the respective consultants' costs in performing their
services.
Director Shares
GCM also announces the issue of a total of 705,883 new ordinary
shares of GBP0.01 each in the Company ("New Ordinary Shares") to
Keith Fulton, for his services as Executive Director of the Company
for the period 1 July 2019 to 31 December 2021, as part of his
director remuneration agreement from June 2019.
On Admission, Keith Fulton will have an interest in 705,883
Shares, representing approximately 0.39 per cent. of the issued
share capital of the Company, as enlarged by the Fee Shares. The
FCA notification, made in accordance with the requirements of the
EU Market Abuse Regulation, is appended below.
Application will be made to the London Stock Exchange for, in
aggregate, 3,248,740 new Ordinary Shares to be admitted to AIM
("Admission"). It is expected that Admission will become effective
on 13 April 2022. Following Admission, the Company's enlarged
issued share capital will comprise 182,305,226 Ordinary Shares with
voting rights in the Company. As the Company holds no shares in
treasury, this is the total number of the voting rights in the
Company which may be used by shareholders as the denominator for
the calculations by which they will determine if they are required
to notify their interest, or a change in the interest, in the share
capital of the Company under Chapter 5 of the FCA's Disclosure
Guidance and Transparency Rules as reflected in the Company's
articles of incorporation.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain. .
For further information:
GCM Resources plc WH Ireland Ltd
Keith Fulton James Joyce
Finance Director Andrew de Andrade
+44 (0) 20 7290 1630 +44 (0) 20 7220 1666
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com
About GCM Resources
GCM Resources plc (LON:GCM), the AIM listed mining and energy
company, has identified a high-quality coal resource of 572 million
tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project
(the "Project") in north-west Bangladesh.
Utilising the latest highly energy efficient power generating
technology, the Phulbari coal mine is capable of supporting over
6,000MW power generation. GCM is awaiting approval from the
Government of Bangladesh to develop the Project. The Company,
together with credible, internationally recognised strategic
partners, has a strategy of positioning its proposed coal to supply
power plants at the mine-mouth and other coal-fired power projects
in Bangladesh. GCM aims to deliver a practical power solution to
provide the cheapest electricity in the country, in a manner
amenable to the Government of Bangladesh.
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 Keith Fulton
------------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Executive Director
------------------------ ----------------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name GCM Resources Plc
------------------------ ----------------------------------------------
b) LEI 213800MXX5QHZNHCDU55
------------------------ ----------------------------------------------
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 Ordinary Shares of 1p each
the financial
instrument, type Identification code (ISIN) for GCM Resources
of instrument plc ordinary shares:
Identification GB00B00KV284
code
------------------------ ----------------------------------------------
b) Nature of the Issue of ordinary shares in consideration
transaction of payment of director fees
------------------------ ----------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) 4.25 705,883
----------
------------------------ ----------------------------------------------
d) Aggregated information
- Aggregated N/A
volume
- Price
------------------------ ----------------------------------------------
e) Date of the transaction 7 April 2022
------------------------ ----------------------------------------------
f) Place of the Outside a trading venue
transaction
------------------------ ----------------------------------------------
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END
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April 07, 2022 12:25 ET (16:25 GMT)
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