RNS Number : 8339U

GCM Resources PLC

30 March 2023

30 March 2023

GCM Resources plc

("GCM" or the "Company")


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 22 August 2022, 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 2022 to 30 June 2022 of GBP75,000, the Company will issue 535,714 new Ordinary Shares to Dyani;

-- in lieu of DG's retainer fee for the period from 1 January 2022 to 31 December 2022 of GBP180,000, the Company will issue 4,363,636 new Ordinary Shares to DG.

GCM confirms that following the issue of new Ordinary Shares, Dyani will be interested in 15.20% 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 317,460 new ordinary shares of GBP0.01 each in the Company ("New Ordinary Shares") to Keith Fulton, for payment of his services as Executive Director of the Company for the period 1 January 2022 to 31 December 2022 of GBP10,000, as part of his director remuneration agreement from June 2019.

On Admission, Keith Fulton will have an interest in 1,023,343 Shares, representing approximately 0.55 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, 5,216,810 new Ordinary Shares to be admitted to AIM ("Admission"). It is expected that Admission will become effective on 5 April 2023. Following Admission, the Company's enlarged issued share capital will comprise 187,522,036 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 for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, 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 can support some 6,600MW. GCM requires approval from the Government of Bangladesh in order to develop the Project. The Company has a strategy of linking the Company's mine proposal to supplying coal to the Government of Bangladesh's existing and in the pipeline coal-fired power plants and / or power plants developed development partners. Together with credible, internationally recognised strategic development partners, GCM aims to deliver a practical power solution to provide the cheapest coal-fired 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 
     ------------------------  ---------------------------------------------- 
 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 
     ------------------------  ---------------------------------------------- 
 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)                   3.15       317,460 
     ------------------------  ---------------------------------------------- 
 d)   Aggregated information 
       - Aggregated               N/A 
       - Price 
     ------------------------  ---------------------------------------------- 
 e)   Date of the transaction   30 March 202 3 
     ------------------------  ---------------------------------------------- 
 f)   Place of the              Outside a trading venue 
     ------------------------  ---------------------------------------------- 

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March 30, 2023 11:44 ET (15:44 GMT)

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