TIDMGGP

RNS Number : 0787Z

Greatland Gold PLC

12 September 2022

12 September 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc

("Greatland" or "the Company")

Grant of Co-Investment Options and Share Options

PDMR dealing notifications

Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, announces the grant of co-investment options to subscribe for new ordinary shares in the Company to its proposed Directors, Mr Mark Barnaba and Ms Elizabeth Gaines, and to Mr Paul Hallam, an existing Non-Executive Director (together the "Co-Investment Options").

In addition, the Company has also granted Mr James 'Jimmy' Wilson, a newly appointed Executive Director, options to subscribe for 40,000,000 new ordinary shares in the Company under the Company's employee share scheme ("Share Options").

Further details of the Co-Investment Options

The Co-Investment Options are a one-off equity incentive package structured to align the interests of the Mr Barnaba, Ms Gaines and Mr Hallam in delivering substantial growth in shareholder value for the benefit of Greatland shareholders.

The Co-Investment Option structure has been designed to create strong and immediate alignment with shareholders to deliver substantial share price growth, with the option exercise price being set at 45 per cent above the equity placement price announced today.

The number of Co-Investment Options granted to Mr Barnaba, Ms Gaines and Mr Hallam is as follows:

 
 Name                Role                          Number of        Proportion of 
                                                  shares under     expanded capital 
                                                     option       if fully exercised* 
 Mark Barnaba        Non-Executive Chairman**     100,000,000           1.79% 
                    --------------------------  --------------  --------------------- 
                     Non-Executive Director 
 Elizabeth Gaines     and Deputy Chair**          55,000,000            0.98% 
                    --------------------------  --------------  --------------------- 
 Paul Hallam         Non-Executive Director       40,000,000            0.72% 
                    --------------------------  --------------  --------------------- 
 

(*) (Expanded capital calculated on basis of completion of Wyloo share placement and exercise of all Wyloo warrants as announced on 12 September 2022; plus the conversion of all options outlined in this announcement. The gross proceeds from the exercise of all the above Co-Investment Options is) (c.GBP23m.)

(** From 1 January 2023)

The Key Terms of the Co-Investment Options are contained in the following table:

 
 Key Terms 
 Exercise Period   Date of issue to 31 August 2026 
                  ------------------------------------------------------- 
 Exercise price    11.9 pence (representing a 45 per cent premium 
                    to 8.2 pence which was the price at which equity 
                    was issued in the recent placing announced on 24 
                    August 2022 and a 46 per cent premium to the five-day 
                    volume weighted average share price to 9 September 
                    2022 ) 
                  ------------------------------------------------------- 
 Vesting           Vesting immediately upon granting 
                  ------------------------------------------------------- 
 Retention         The intention is that the Co-Investment Options 
                    are issued to align the interests of the individuals 
                    with that of Greatland's shareholders. To give 
                    effect to this intention, the parties agree to 
                    discuss in good faith a retention arrangement of 
                    three years in respect of the shares arising on 
                    exercise 
                  ------------------------------------------------------- 
 

Mr Wilson's 40,000,000 Share Options have been granted on substantively the same terms as the Co-Investment Options.

Related Party Opinion

As Paul Hallam and James Wilson are both existing directors, the granting of the Co-Investment Options and Share Options are considered related party transactions for the purposes of the AIM Rules. The independent directors (being the directors other than Paul Hallam and James Wilson), having consulted with SPARK Advisory Partners Limited, the Company's Nominated Adviser, consider the terms of the Co-Investment Options and Share Options to be fair and reasonable insofar as the Company's shareholders are concerned.

The PDMR dealing notifications at the end of this announcement are made in accordance with the requirements of the UK Market Abuse Regulation.

Enquiries:

 
 Greatland Gold PLC                                  info@greatlandgold.com 
  Shaun Day                                           www.greatlandgold.com 
 
 SPARK Advisory Partners Limited (Nominated 
  Adviser) 
  Andrew Emmott/James Keeshan                        +44 (0)20 3368 3550 
 
 Berenberg (Joint Corporate Broker and Financial 
  Adviser) 
  Matthew Armitt/ Jennifer Lee/ Jack Botros          +44 (0)20 3207 7800 
 
 Canaccord Genuity (Joint Corporate Broker 
  and Financial Adviser) 
  James Asensio/Patrick Dolaghan                     +44 (0)20 7523 8000 
 
 Hannam & Partners (Joint Corporate Broker 
  and Financial Adviser) 
  Andrew Chubb/Matt Hasson/Jay Ashfield              +44 (0)20 7907 8500 
 
 SI Capital Limited (Joint Broker) 
  Nick Emerson/Sam Lomanto                           +44 (0)14 8341 3500 
 
 Gracechurch Group (Media and Investor Relations) 
  Harry Chathli/Alexis Gore/Tan Siddique             +44 (0)20 3488 7510 
 

PDMR dealing notifications

 
       Details of the person discharging managerial responsibilities/person 
  1.    closely associated 
 a)                                      Company directors/officers: 
                                          Paul Hallam    Non-Executive Director 
         Name                                           ----------------------- 
                                          James Wilson   Executive Director 
                                                        ----------------------- 
      -------------------------------  -------------------------------------------------------------- 
       Reason for the notification 
  2. 
      ----------------------------------------------------------------------------------------------- 
 a)    Position/status                  See 1(a) above for all positions - all classified 
                                         as PDMRs of the Company 
      -------------------------------  -------------------------------------------------------------- 
 b)    Initial notification/Amendment   Initial Notification 
      -------------------------------  -------------------------------------------------------------- 
       Details of the issuer, emission allowance market participant, 
  3.    auction platform, auctioneer or auction monitor 
      ----------------------------------------------------------------------------------------------- 
 a)    Name                             Greatland Gold plc 
      -------------------------------  -------------------------------------------------------------- 
 b)    LEI                              213800KMN7LDF4VRPQ10 
      -------------------------------  -------------------------------------------------------------- 
       Details of the transaction(s): section to be repeated 
  4.    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                      Options over Ordinary Shares of 0.1p each 
        of the financial 
        instrument 
      -------------------------------  -------------------------------------------------------------- 
 b)    Identification                   GB00B15XDH89 
        code 
      -------------------------------  -------------------------------------------------------------- 
 c)    Nature of                        Grant of options over Ordinary Shares 
        the transactions 
      -------------------------------  -------------------------------------------------------------- 
 d)    Price(s)                         Price at grant: Nil 
        and volume(s)                    Exercise Price: 11.9 pence per Ordinary Share 
                                         Volume(s) 
                                          Name      Date           Transaction     Amount       Price 
                                                                    Type 
                                          Paul      12 September   Co-Investment   40,000,000   11.9p 
                                           Hallam    2022           Options                      each 
                                                   -------------  --------------  -----------  ------ 
                                          James     12 September   Share Options   40,000,000   11.9p 
                                           Wilson    2022                                        each 
                                                   -------------  --------------  -----------  ------ 
      -------------------------------  -------------------------------------------------------------- 
 e)    Aggregated                       n/a - single transaction 
        information 
        - Aggregated 
        volume 
        - Price 
      -------------------------------  -------------------------------------------------------------- 
 f)    Date of the                      12 September 2022 
        transactions 
      -------------------------------  -------------------------------------------------------------- 
 f)    Place of                         Outside a trading venue 
        the transactions 
      -------------------------------  -------------------------------------------------------------- 
 

Notes for Editors:

Greatland Gold plc (AIM:GGP) is a mining development and exploration company with a focus on precious and base metals. The Company's flagship asset is the potentially world class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development through a joint venture with Newcrest (the "JV"). Newcrest holds a joint venture interest of 70% (30% Greatland).

Havieron is located approximately 45km east of Newcrest's Telfer gold mine and, subject to positive feasibility study and decision to mine, will leverage the existing infrastructure and processing plant to significantly reduce the project's capital expenditure and carbon impact for a low-risk and low-cost pathway to development.

Construction is well advanced and continuing with the box cut and decline to develop the Havieron deposit originally commenced in February 2021. An extensive growth drilling programme continues at Havieron with a view to further expanding the understanding and scale of the ore body.

Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total of six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.

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END

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