GCM Resources PLC Share issue - Consultant (3022L)
18 July 2017 - 4:30PM
UK Regulatory
TIDMGCM
RNS Number : 3022L
GCM Resources PLC
18 July 2017
18 July 2017
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Share issue - Consultant
GCM Resources plc ("GCM" or the "Company"), a London based
resource exploration and development company, announces in
accordance with the consulting agreement announced on 18 May 2017,
a success fee equal to 3,907,700 shares ("Success Fee") has been
issued to Dyani Corporation Limited ("Consultant"). The Success Fee
is for the completion of the technical pre-feasibility study of the
development of a mine-mouth coal fired power plant generating up to
2,000MW at the Phulbari Coal and Power Project site, announced on
14 July 2017. Under the terms of the consulting agreement the
shares awarded for the Success Fee cannot be disposed of for a
period of six months from the date of issue.
In addition GCM has issued 300,000 shares to the Consultant in
lieu of the retainer fee for the quarter ended 30 June 2017 in
accordance with the terms of the consulting agreement.
Application is being made to The London Stock Exchange for these
shares, which rank pari passu with the Company's existing issued
ordinary shares, to be admitted to AIM. It is expected that
admission will become effective on 24 July 2017. Following
admission of these ordinary shares, the Company's enlarged issued
share capital will comprise 82,361,697 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. GCM confirms that following the share issues
announced today, Dyani Corporation Limited is interested in 10.9
percent of the Company's enlarged issued ordinary share
capital.
For further information:
GCM Resources plc Bell Pottinger
James Hobson Lorna Cobbett
Finance Director +44 (0) 20 3772 2500
+44 (0) 20 7290 1630
ZAI Corporate Finance
Ltd
Nominated Adviser and
Broker
Tim Cofman
+44 (0) 20 7060 2220
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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