TIDMCHF
RNS Number : 3177X
Chesterfield Resources PLC
18 December 2019
18 December 2019
CHESTERFIELD RESOURCES PLC
(TIDM: CHF)
Operational and corporate update
Highlights
-- Greatly expanded target programme in Troodos West with at least ten specified drill targets
-- Series of significant anomalies buried in a cluster within a 4sq km area
-- Invasive testing programme about to commence
-- Drilling planned for 1Q 2020
-- New incentive options programme
Operational update
Chesterfield Resources plc is pleased to provide an operational
update for the end of the year 2019. There has been considerable,
and unexpected, progress in our target development programme at
Troodos West. The company now has ten specified drill targets at
Troodos West and may add more to this list.
The area was last actively mined in the 1970s, prior to the
invasion of Northern Cyprus by Turkey in 1974. We believe that
until this time ore bodies were identified only by surface
expressions of mineralisation. It is well known that Cyprus VMS
deposits have a tendency to be formed in clusters. It is therefore
likely that further deposits would have occurred underground with
no evidence at surface. It has been our strategy to seek out such
buried ore bodies using modern exploration techniques.
In recent months many new such anomalies have been identified
and have risen up our ranking of targets. Many of them are within a
few kilometres of each other as so to potentially form feeder
deposits for a single processing plant. It therefore became logical
to delay our diamond drill programme until such time as the target
ranking became properly defined.
We are about to commence a final programme of invasive test work
on our target list and then proceed with diamond drilling when
weather permits in Q1 2020. In the new year the Company will
provide more detailed information on specific targets and the
results of testing 2020 will be a busy year for Chesterfield
Resources plc.
The team has been working hard and this is an opportune time to
incentivise them to boost shareholder value going forward.
Therefore, the Remuneration Committee has agreed to issue options
over a total of 2,300,000 ordinary shares of GBP0.001 each in the
capital of the Company ("Share Options"). These options will vest
on 1 January 2020 and will expire in five years from the date of
issue with an exercise price of 5p.
The Share Options represent in aggregate 3.71% of the existing
issued ordinary share capital of the Company and have been issued
to key personnel, Persons Discharging Managerial Responsibilities
("PDMRs") and consultants of the Company in line with the Company's
ongoing incentive plans.
The breakdown of the options to be granted to PDMRs is set out
below:
Name Position Number of options
granted with an exercise
price of GBP0.05
Martin French Director 1,000,000
------------------------- --------------------------
Mike Parker Chief Operating Officer 500,000
------------------------- --------------------------
Peter Damouni Director 250,000
------------------------- --------------------------
David Cliff Director 100,000
------------------------- --------------------------
Options will also be granted to the following consultants and
employees:
Name Number of options
granted with an exercise
price of GBP0.05
Neil O'Brian 250,000
--------------------------
Ryan Fells 100,000
--------------------------
George Clegg 100,000
--------------------------
Martin French, Executive Chairman said "The growth of the high
priority target list, with so many anomalies buried in close
proximity was a surprise to us. Each anomaly is backed up by
several separate layers of exploration evidence. We are hopeful of
discovering a number of buried ore bodies of commercial grade that
could form a commercial mining project. With so many targets, this
will be an iterative process spread over several months.
Regarding the incentive option scheme, options are being issued
at 5p, a considerable 66% premium to the current share price, and
start to become meaningful to executives if the value of the
company moves through 10-15p. In other words they are designed to
reward a transformational event, such as a discovery or new project
acquisition. We want 2020 to be a transformational year for our
shareholders and the team is being incentivised accordingly. We
have built up an excellent slate of targets at Troodos West, and we
expect to add to more targets to this list. We have also been
actively looking for new projects in the Tethyan geological belt
outside Cyprus, an initiative that I am leading. We hope to find at
least one new deal in 2020. Mike Parker has been focussed on the
exploration drive in Cyprus, aided by his field team of Ryan Fells
and George Clegg. Neil O'Brian has been doing important work for us
a geological consultant, working closely with Mike and Dave Cliff
who have formed a technical committee which is working well.
The Company work programmes are well advanced moving into 2020.
We are optimistic that this will prove a good year for investors in
Chesterfield Resources plc".
**S**
For further information, please visit
http://www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44(0)7901 552277
Brandon Hill Capital (Broker):
Jonathan Evans/Oliver Stansfield Tel: +44 20 3463 5000
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM.
Details of the person discharging managerial responsibilities/person
1. closely associated
a) Name: Martin French
----------------------------------------- ----------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Director
----------------------------------------- ----------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- ----------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Chesterfield Resources
plc
----------------------------------------- ----------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- ----------------------------
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, Share options over ordinary
type of instrument: shares of GBP0.001 each
Identification code: GB00BF2F1X78
----------------------------------------- ----------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- ----------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
GBP0.05 1,000,000
----------
----------------------------------------- ----------------------------
d) Aggregated information: Price(s) Volume(s)
Aggregated volume: GBP0.05 1,000,000
Price: ----------
----------------------------------------- ----------------------------
e) Date of the transaction: 2019-12-18
08:10 hrs UTC
----------------------------------------- ----------------------------
f) Place of the transaction: Outside a trading venue
----------------------------------------- ----------------------------
Details of the person discharging managerial responsibilities/person
1. closely associated
a) Name: Peter Damouni
----------------------------------------- ----------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Director
----------------------------------------- ----------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- ----------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Chesterfield Resources
plc
----------------------------------------- ----------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- ----------------------------
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, Share options over ordinary
type of instrument: shares of GBP0.001 each
Identification code: GB00BF2F1X78
----------------------------------------- ----------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- ----------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
GBP0.05 250,000
----------
----------------------------------------- ----------------------------
d) Aggregated information: Price(s) Volume(s)
Aggregated volume: GBP0.05 250,000
Price: ----------
----------------------------------------- ----------------------------
e) Date of the transaction: 2019-12-18
08:10 hrs UTC
----------------------------------------- ----------------------------
f) Place of the transaction: Outside a trading venue
----------------------------------------- ----------------------------
Details of the person discharging managerial responsibilities/person
1. closely associated
a) Name: David Cliff
----------------------------------------- ----------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Director
----------------------------------------- ----------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- ----------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Chesterfield Resources
plc
----------------------------------------- ----------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- ----------------------------
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, Share options over ordinary
type of instrument: shares of GBP0.001 each
Identification code: GB00BF2F1X78
----------------------------------------- ----------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- ----------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
GBP0.05 100,000
----------
----------------------------------------- ----------------------------
d) Aggregated information: Price(s) Volume(s)
Aggregated volume: GBP0.05 100,000
Price: ----------
----------------------------------------- ----------------------------
e) Date of the transaction: 2019-12-18
08:10 hrs UTC
----------------------------------------- ----------------------------
f) Place of the transaction: Outside a trading venue
----------------------------------------- ----------------------------
Details of the person discharging managerial responsibilities/person
1. closely associated
a) Name: Mike Parker
----------------------------------------- ----------------------------
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: Chesterfield Resources
plc
----------------------------------------- ----------------------------
b) LEI: 213800EF8I2TT767IU35
----------------------------------------- ----------------------------
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, Share options over ordinary
type of instrument: shares of GBP0.001 each
Identification code: GB00BF2F1X78
----------------------------------------- ----------------------------
b) Nature of the transaction: Grant of options over
ordinary shares
----------------------------------------- ----------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
GBP0.05 500,000
----------
----------------------------------------- ----------------------------
d) Aggregated information: Price(s) Volume(s)
Aggregated volume: GBP0.05 500,000
Price: ----------
----------------------------------------- ----------------------------
e) Date of the transaction: 2019-12-18
08:10 hrs UTC
----------------------------------------- ----------------------------
f) Place of the transaction: Outside a trading venue
----------------------------------------- ----------------------------
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END
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