TIDMGLR
RNS Number : 3836V
Galileo Resources PLC
27 January 2017
RNS Number : 0143T
Galileo Resources PLC (AIM: GLR)
27 January 2017
Galileo Resources Plc
("Galileo" or the "Company")
Issuance of Share options
Galileo, the exploration and development mining company,
announces that options to subscribe for 9,700,000 new ordinary
shares of the Company ("Ordinary Shares") were granted today to the
directors of the Company, key officers and employees at an exercise
price of 2.0 pence per share, representing a premium of 29.1% to
the Ordinary Share's 90 day VWAP; all the options vest immediately.
The options have a term of five years and any unexercised options
will expire on 26 January 2022.
The options announced today will result in a total of 9,700,000
options held by Directors, officers and employees of the Company,
and of which 9,000,000 options will be held by the Directors
representing 4.6% of the Company's current issued share
capital.
Subsequent to this grant, the Company's Directors, officers and
employees hold a total of 9,700,000 share options representing 5.0%
of the Company's fully diluted outstanding share capital. All
options previously priced at 23p and held by the Directors,
officers and employees have lapsed.
The Board approved the issuance of these share options to
incentivise and retain key Directors, officers and employees
critical to enhancing the future market value of the Company. As
far as timing is concerned, the Board considered both historical
practices and on-going fund-raising efforts.
In addition to the above and in accordance with Resolution 8 as
approved by Shareholders at the Company's AGM held on 29 September
2016, the Company announces that non-executive director Richard
Wollenberg has today been issued with 1,621,341 Ordinary Shares in
lieu of deferred remuneration over the six quarters preceding 30
September 2016, priced at the quarterly weighted average price for
the quarters, in which the remuneration was deferred; being an
overall average price of 1.39 pence (rounded) per Ordinary Share.
Accordingly, Richard Wollenberg now holds 4,921,341 Ordinary Shares
representing 2.5% of the Company's enlarged issued share
capital.
Application has been made for these new Ordinary Shares to be
admitted to trading on AIM and trading is expected on or about 3
February 2017 ("Admission"). The Ordinary Shares have been issued
as fully paid and rank pari passu in all respects with the existing
Ordinary Shares, including the right to receive all dividends and
other distributions declared on or after the date on which they are
issued.
Total voting rights
Following Admission, the Company's total issued share capital
will comprise 195,874,062 Ordinary Shares. As the Company does not
hold any Ordinary Shares in treasury, 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 to their interest in, the share capital of
the Company following Admission.
Colin Bird Chairman said "We believe option compensation aligns
the interests of management and shareholders and is a crucial
motivational and retention tool in light of the Company's
continuing attention to treasury control. They are particularly
important now that we are advancing our programme of exploration on
the Concordia Copper project."
The option grants made to Directors are as follows:
Director Number of Ordinary Option exercise
Shares to which price
the options relate pence
Colin Bird 5,000,000 2.0
Andrew Sarosi 3,000,000 2.0
Richard Wollenberg 750,000 2.0
Christopher Molefe 250,000 2.0
A copy of this announcement is available on the Company's
website www.galileoresources.com.
You can also follow Galileo on Twitter: @GalileoResource.
For further information, please contact:
Colin Bird, Chairman & CEO Tel +44 (0) 20 7581
4477
Andrew Sarosi, Technical Director Tel +44 (0) 1752 221937
Beaumont Cornish Limited: Nominated Tel +44 (0)20 7628
Advisor 3396
Roland Cornish/James Biddle
Beaufort Securities Limited Tel +44 (0) 20 7382
- Broker Jon Belliss 8416
APPIX
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------
a) Name Colin Bird
--- ------------------------ -------------------------------
2 Reason for notification
--- ---------------------------------------------------------
a) Position / status Director
--- ------------------------ -------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ -------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ---------------------------------------------------------
a) Name Galileo Resources Plc
--- ------------------------ -------------------------------
b) LEI Not applicable
--- ------------------------ -------------------------------
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 0.1 pence
the financial each in Galileo Resources
instrument, type Plc
of instrument ISIN GB00B115T142
Identification
code
--- ------------------------ -------------------------------
Nature of the Issue of options over Ordinary
transaction Shares
--- ------------------------ -------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) --------- -----------
2.0p 5,000,000
--------- -----------
--- ------------------------ -------------------------------
d) Aggregated information n/a
--- ------------------------ -------------------------------
e) Date of the transaction 27 January 2017
--- ------------------------ -------------------------------
f) Place of the London Stock Exchange, AIM
transaction (GLR)
--- ------------------------ -------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------
a) Name Andrew Sarosi
--- ------------------------ -------------------------------
2 Reason for notification
--- ---------------------------------------------------------
a) Position / status Director
--- ------------------------ -------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ -------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ---------------------------------------------------------
a) Name Galileo Resources Plc
--- ------------------------ -------------------------------
b) LEI Not applicable
--- ------------------------ -------------------------------
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 0.1 pence
the financial each in Galileo Resources
instrument, type Plc
of instrument ISIN GB00B115T142
Identification
code
--- ------------------------ -------------------------------
Nature of the Issue of options over Ordinary
transaction Shares
--- ------------------------ -------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) --------- -----------
2.0p 3,000,000
--------- -----------
--- ------------------------ -------------------------------
d) Aggregated information n/a
--- ------------------------ -------------------------------
e) Date of the transaction 27 January 2017
--- ------------------------ -------------------------------
f) Place of the London Stock Exchange, AIM
transaction (GLR)
--- ------------------------ -------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------
a) Name Richard Wollenberg
--- ------------------------ -------------------------------
2 Reason for notification
--- ---------------------------------------------------------
a) Position / status Non-Executive Director
--- ------------------------ -------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ -------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ---------------------------------------------------------
a) Name Galileo Resources Plc
--- ------------------------ -------------------------------
b) LEI Not applicable
--- ------------------------ -------------------------------
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 0.1 pence
the financial each in Galileo Resources
instrument, type Plc
of instrument ISIN GB00B115T142
Identification
code
--- ------------------------ -------------------------------
Nature of the Issue of options over Ordinary
transaction Shares
Ordinary Shares in lieu of
salary
--- ------------------------ -------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) ------------ -----------
Options at
2.0p 750,000
------------ -----------
Ordinary
Shares at
1.39p 1,621,341
------------ -----------
--- ------------------------ -------------------------------
d) Aggregated information n/a
--- ------------------------ -------------------------------
e) Date of the transaction 27 January 2017
--- ------------------------ -------------------------------
f) Place of the London Stock Exchange, AIM
transaction (GLR)
--- ------------------------ -------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------
a) Name Chris Molefe
--- ------------------------ -------------------------------
2 Reason for notification
--- ---------------------------------------------------------
a) Position / status Non-Executive Director
--- ------------------------ -------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ -------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ---------------------------------------------------------
a) Name Galileo Resources Plc
--- ------------------------ -------------------------------
b) LEI Not applicable
--- ------------------------ -------------------------------
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 0.1 pence
the financial each in Galileo Resources
instrument, type Plc
of instrument ISIN GB00B115T142
Identification
code
--- ------------------------ -------------------------------
Nature of the Issue of options over Ordinary
transaction Shares
--- ------------------------ -------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) --------- -----------
2.0p 250,000
--------- -----------
--- ------------------------ -------------------------------
d) Aggregated information n/a
--- ------------------------ -------------------------------
e) Date of the transaction 27 January 2017
--- ------------------------ -------------------------------
f) Place of the London Stock Exchange, AIM
transaction (GLR)
--- ------------------------ -------------------------------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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