GCM Resources PLC Share issue - Consultants (2784X)
30 April 2021 - 11:14PM
UK Regulatory
TIDMGCM
RNS Number : 2784X
GCM Resources PLC
30 April 2021
30 April 2021
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Share issue - Consultants
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 in the event that certain key milestones were
reached in respect of formally securing the interest of Chinese
State-owned enterprises to partner in the Phulbari Coal and Power
Project. Details of these milestones are set out in the Company ' s
announcements dated 26 October 2018 and 29 June 2020, with respect
to the Dyani Agreement, and 4 September 2019 with respect to the DG
Agreement.
Accordingly, the following consulting fees will be settled via
the issuance of new Ordinary Shares:
-- in lieu of Dyani's retainer fee for the period from 1 July
2020 to 31 March 2021, the Company will issue 1,607,142 new
Ordinary Shares to Dyani;
-- for the negotiation and finalisation of the Framework
Agreement with China Nonferrous Metal Industry's Foreign
Engineering and Construction Co., Ltd. ("NFC") in respect of the
Mine, as announced on 15 October 2020 a success fee will be awarded
to Dyani, to be satisfied by the issue of 3,557,449 new Ordinary
Shares; and
-- in lieu of DG's retainer fee for the period from 1 September
2020 to 28 February 2021, the Company will issue 400,000 new
Ordinary Shares to DG.
GCM confirms that following the issue of new Ordinary Shares set
out above, Dyani will be interested in 19.2% of the Company ' s
enlarged issued ordinary share capital.
Under the terms of the Dyani Agreement, Dyani will be restricted
from disposing of the new Ordinary Shares issued in satisfaction of
the success fees for a period of six months from the date of issue.
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.
Application will be made to the London Stock Exchange for, in
aggregate, 5,564,591 new Ordinary Shares to be admitted to AIM
("Admission"). It is expected that Admission will become effective
on 7 May 2021. Following Admission, the Company's enlarged issued
share capital will comprise 137,592,882 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.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
For further information:
GCM Resources plc WH Ireland Ltd
Keith Fulton James Joyce
Finance Director James Sinclair-Ford
+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 power
plants of up to 6,000MW. GCM is awaiting approval from the
Government of Bangladesh to develop the Project. The Company has a
strategy of combining the Company's mine proposal with up to
6,000MW of power generation, together with credible,
internationally recognised strategic partners. 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDKKBDNBKDBQN
(END) Dow Jones Newswires
April 30, 2021 09:14 ET (13:14 GMT)
Gcm Resources (LSE:GCM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gcm Resources (LSE:GCM)
Historical Stock Chart
From Apr 2023 to Apr 2024