FinnAust Mining PLC Exercise of Options & Issue of Equity (8934X)
27 February 2017 - 7:15PM
UK Regulatory
TIDMFAM
RNS Number : 8934X
FinnAust Mining PLC
27 February 2017
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 GBP75,000.
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 Ordinary shares of no
financial instrument, par value
type of instrument: GB00BFD3VF20
Identification code:
--- -------------------------------- -------------------------------------
b) Nature of the transaction: Issue of new ordinary
shares
--- -------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
---------- ----------
7.00
pence 500,000
---------- ----------
--- -------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: ---------- ----------
7.00
pence 500,000
---------- ----------
--- -------------------------------- -------------------------------------
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 Ordinary shares of no
financial instrument, par value
type of instrument: GB00BFD3VF20
Identification code:
--- -------------------------------- -------------------------------------
b) Nature of the transaction: Issue of new ordinary
shares
--- -------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
---------- ----------
7.00
pence 500,000
---------- ----------
--- -------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: ---------- ----------
7.00
pence 500,000
---------- ----------
--- -------------------------------- -------------------------------------
e) Date of the transaction: 10 March 2016
10.00 a.m. UTC
--- -------------------------------- -------------------------------------
f) Place of the transaction: Outside a trading venue
--- -------------------------------- -------------------------------------
**S**
For further information please visit www.finnaust.com or
contact:
FinnAust Mining +44 (0) 20 7907
Roderick McIllree plc 9326
------------------- -------------------- ----------------
FinnAust Mining +44 (0) 20 7907
Graham Marshall plc 9326
------------------- -------------------- ----------------
SP Angel Corporate +44 (0) 20 3470
Ewan Leggat Finance LLP 0470
------------------- -------------------- ----------------
SP Angel Corporate +44 (0) 20 3470
Laura Harrison Finance LLP 0470
------------------- -------------------- ----------------
St Brides Partners +44 (0) 20 7236
Elisabeth Cowell Ltd 1177
------------------- -------------------- ----------------
St Brides Partners +44 (0) 20 7236
Charlotte Page Ltd 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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