Kavango Resources PLC Appointment of COO and Option award (4237R)
05 November 2021 - 06:00PM
UK Regulatory
TIDMKAV
RNS Number : 4237R
Kavango Resources PLC
05 November 2021
PRESS RELEASE
5 November 2021
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
Appointment of COO & option award
Kavango Resources plc (LSE:KAV), the exploration company
targeting the discovery of world-class mineral deposits in
Botswana, is pleased to announce that it has appointed Mr Brett
Grist as Chief Operating Officer designate. Mr Grist brings
valuable operational and technical skills to the Company's
executive team. Mr Grist will join Kavango on 7 February 2022, and
will join the board of Kavango as an executive director.
Mr Grist is a geologist from the Royal School of Mines, London,
with over 22 years of exploration and mining experience in base
metals and gold across Africa, Europe, the Middle East, and
Australia. He is also a Chartered Professional member of the
Australasian Institute of Mining and Metallurgy.
Over the course of his career, Mr Grist has worked in geological
and management roles as CEO, Director, and Exploration Manager,
taking projects from early exploration through resource definition
and into development. In Africa he worked for Reunion Mining PLC
and CASA Mining Ltd, covering projects in Mali, Ghana, DRC, and
Mozambique. In DRC, as CEO of CASA, he led a large exploration
program covering airborne geophysics, soil sampling, and extensive
diamond drilling, which successfully delivered a maiden resource
for the Misisi gold deposit. Most recently he has worked in the UK,
where he has led definition of a substantial high-grade metal
resource for Strategic Minerals PLC's Redmoor tin-tungsten-copper
project. Brett also presently co-chairs the Critical Minerals
Association's UK mining working group.
David Smith, Chairman of Kavango Resources, commented:
" We are very happy to welcome Brett, an experienced exploration
executive, to Kavango. His extensive background in advancing
exploration programs and delivering projects adds important
technical skills to Kavango's senior management.
We have made a great deal of progress building a much more
robust foundation for the Company over 2021. Brett's appointment
will significantly strengthen Kavango, as we grow the business more
ambitiously in 2022. I am really looking forward to welcoming him
to the team and working with him from February . "
Brett Grist states:
"I am very pleased to be able to join David, Ben Turney and the
rest of the Kavango team at such an exciting time for the company.
Botswana is a highly attractive mining investment destination, and
the combination of Kavango's team and an exciting exploration
holding of significant scale, focussed on metals that are in
increasing demand, means that the company is well placed to deliver
exploration success. I look forward to helping the company to
deliver this even more effectively."
Option Award
The Company has agreed to award Mr Grist two grants of employee
Share Options (the "Options").
The first award of Options will be subject to a vesting period
of one year, with half the Options vesting after twelve months and
the remainder vesting after eighteen months, provided Mr Grist
remains employed within the Kavango group. The Options are
exercisable at a price of 5 pence per Ordinary Share for a period
of seven years. The Options carry a vesting condition whereby the
Options only become exercisable once the Company's reported closing
mid-market price per Ordinary Share closes above 7.5p on five
separate trading days.
The second award of Options will be subject to a vesting period
of one year, with half the Options vesting after twelve months and
the remainder vesting after eighteen months, provided Mr Grist
remains employed within the Kavango group. The Options are
exercisable at a price of 7.5 pence per Ordinary Share for a period
of seven years. The Options carry a vesting condition whereby the
Options only become exercisable once the Company's reported closing
mid-market price per Ordinary Share closes above 15p on five
separate trading days.
The award of the Options to Mr Grist aligns his incentive
package with those of existing executive directors.
The Options will be granted on these terms on the day Mr Grist's
employment begins, or, if later, when there is sufficient headroom
within the Company's limit for executive options of ten per cent of
the issued share capital.
Further information in respect of the Company and its business
interests is provided on the Company's website at
www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
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