TIDMGLR
RNS Number : 0872U
Galileo Resources PLC
28 July 2022
28 July 2022
Galileo Resources Plc
("Galileo" or the "Company")
Issuance of Director & Employee share options
Galileo, the exploration and development mining company,
announces that options to subscribe for 39,000,000 new ordinary
shares of the Company ("Ordinary Shares") were granted on 27 July
2022 to the directors of the Company and key officers and employees
at an exercise price of 1.35 pence per share, vesting immediately.
The options have a term of five years and any unexercised options
will expire at midnight on 27 July 2027.
The options announced today will result in an increase of
39,000,000 options held by Directors, officers, and employees of
the Company. Subsequent to this grant, a total of 97,700,000 share
options are held by the Company's current Directors, officers and
employees representing approximately 8.80 % of the Company's fully
diluted share capital outstanding. All outstanding options held by
current Directors, officers, and employees, other than those
included in this grant, have exercise prices ranging between 1.30
and 1.85 pence per share.
The Board approved the issuance of these share option grants to
incentivise and retain key Directors, officers and employees
critical to enhancing the future market value of the Company and
notes the significant premium of the respective exercise prices
relative to the current share price. The Board considered both
historical practices and on-going funding requirements in this
regard.
The option exercise price is at approximately 45% premium to the
closing mid-market price as at 26 July 2022 of 0.925 pence.
The grants made to the directors are as follows:
Director Number Exercise Vesting Option
of Options price Expiry
pence
Colin Bird 15,000,000 1.35 Immediately 27/07/25
------------ --------- ------------ ---------
Edward Slowey 5,500,000 1.35 Immediately 27/07/25
------------ --------- ------------ ---------
Christopher
Molefe 1,000,000 1.35 Immediately 27/07/25
------------ --------- ------------ ---------
Joel Silberstein 4,000,000 1.35 Immediately 27/07/25
------------ --------- ------------ ---------
Other PDMRs
------------ --------- ------------ ---------
Eduard Victor 1,000,000 1.35 Immediately 27/07/25
------------ --------- ------------ ---------
Other employees 12,500,000 1.35 Immediately 27/07/25
------------ --------- ------------ ---------
Total 39,000,000
------------ --------- ------------ ---------
Following the implementation of the above option grant, the
directors will hold the following options over Ordinary Shares:
Director Number of Ordinary Option exercise
Shares to which the price
options relate pence
Colin Bird 15,000,000 1.35
7,500,000 1.30
7,500,000 1.80
3,500,000 1.85
3,500,000 1.45
--------------------- ----------------
Joel Silberstein 4,000,000 1.35
1,000,000 1.85
1,000,000 1.45
--------------------- ----------------
Edward Slowey 5,500,000 1.35
500,000 1.30
500,000 1.80
1,500,000 1.45
1,500,000 1.85
--------------------- ----------------
Richard Wollenberg 750,000 1.30
750,000 1.80
500,000 1.45
500,000 1.85
--------------------- ----------------
Christopher Molefe 1,000,000 1.35
500,000 1.30
500.000 1.80
300,000 1.45
300,000 1.85
--------------------- ----------------
A copy of this announcement is available on the Company's
website www.galileoresources.com .
You can also follow Galileo on Twitter: @GalileoResource.
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact: Galileo Resources
PLC
Colin Bird, Chairman Tel +44 (0) 20 7581
Edward Slowey, Executive Director 4477
Tel +353 (0) 601 4466
Beaumont Cornish Limited - Nomad Tel +44 (0) 20 7628
Roland Cornish/James Biddle 3396
------------------------
Novum Securities Limited - Joint
Broker
Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
------------------------
Shard Capital Partners LLP - Tel +44 (0) 20 7186
J oint Broker 9952
Damon Heath
------------------------
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END
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July 28, 2022 05:35 ET (09:35 GMT)
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