TIDMMYN
RNS Number : 9448B
Mayan Energy Limited
16 January 2018
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
16 January 2018
Mayan Energy Ltd ('Mayan' or 'the Company')
Issue of Options
Mayan (AIM: MYN), the AIM listed oil and gas company, announces
that today it has issued options over 116.6 million Ordinary Shares
to certain of its Directors, Key management, Employees and
Consultants (the "New Options"). These New Options replace all
pre-existing options which consequently have been cancelled.
Vesting of the New Options is conditional on Mayan achieving
production of 500 barrels of oil per day (net to Mayan), with any
attributable production expected from the Company's recent
investment in Deloro Energy Inc (the Asphalt Ridge Project in Utah)
excluded from the aforementioned production figure.
The exercise price of the New Options is 1.1p per share, which
represents a 183% premium over the Placing Price the Company raised
GBP2million, as announced on 16 November 2017, which was itself a
62% premium over Mayan's then 90 day VWAP ("Volume Weighted Average
Price"). The New Options have a duration of 5 years and represent
10% of Mayan's existing issued share capital.
Mayan believes that the terms of the New Options brings the
strike price of its share options more into line with the current
market price of Mayan's shares and together with the production
target should afford a viable incentive and reward package to the
Company's Directors, Key Management, Employees and Consultants as
they work to deliver increased value to shareholders. The New
Options replace existing options issued to the Directors and Key
Management on 1 September 2016.
After the issue of the New Options, the share option holdings of
the above may be summarised as follows:
Options as at 16 January 2018: POST RESTRUCTURING
--------------------------------------------------------------
Revised Vesting Price pence per share 1.1
------------------------------------------------ ------------
Vesting Date 16-Jan-18
-------------------------- -------------------- ------------
Expiry Date 15-Jan-23
Mayan Net Barrels Oil per day threshold 500.00
------------------------------------------------ ------------
NUMBER OF OPTIONS Total
------------------------------------------------ ------------
Eddie Gonzalez CEO 29,158,398
Charlie Wood Executive Chairman 23,326,719
Options to Directors 52,485,117
------------
Options to non-directors 64,148,476
------------------------------------------------
TOTAL OPTIONS 116,633,593
------------------------------------------------ ------------
The number of ordinary shares currently in issue is
1,166,335,931 with share options and investor warrants outstanding
of 116,633,593 and 82,692,134 respectively.
The issue of 52,485,117 New Options (representing 4.5% of the
ISC) to two of the Company's Directors, Charlie Wood and Eddie
Gonzalez, constitutes a related party transaction under the AIM
Rules for Companies. Accordingly, JD McGraw, a Non-Executive
Director at Mayan, who is independent of the issue of options,
having consulted with the Company's Nominated Adviser, considers
the terms of the investment to be fair and reasonable insofar as
Mayan's shareholders are concerned.
Special note concerning the Market Abuse Regulation:
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014
("MAR").
**S**
For further information visit www.Mayan energy.com or contact
the following:
+ 1 469 394
Eddie Gonzalez Mayan Energy Ltd 2008
+44 7971 444
Charlie Wood Mayan Energy Ltd 326
Beaumont Cornish +44 20 7628
Roland Cornish Ltd 3396
Beaumont Cornish +44 20 7628
James Biddle Ltd 3396
Cornhill Capital +44 20 7710
Nick Bealer Limited 9612
St Brides Partners +44 20 7236
Gaby Jenner Ltd 1177
Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange)
oil and gas energy company; whose present operations which are
focussed on the redevelopment and enhancement of its upstream oil
and gas interests in Texas, Oklahoma, and Louisiana and its
investments in the Asphalt Ridge Project Utah, and in Block Energy
Plc, Georgia.
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulations, provides further detail in
respect of the transaction as described above.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Charlie Wood
--- ------------------------ -----------------------------
2 Reason for notification
--- -------------------------------------------------------
a) Position / status Chairman
--- ------------------------ -----------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ -----------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- -------------------------------------------------------
a) Name Mayan Energy Ltd
--- ------------------------ -----------------------------
b) LEI 213800NTIHRNYL5QO564
--- ------------------------ -----------------------------
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 Options over Ordinary shares
the financial in Mayan Energy Ltd
instrument, type
of instrument ISIN VGG5S26K1152
Identification
code
--- ------------------------ -----------------------------
Nature of the Issue of 23,326,718 options
transaction over ordinary shares
--- ------------------------ -----------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) ----------- -----------
Exercise
Price of
1.1p 23,326,718
----------- -----------
--- ------------------------ -----------------------------
d) Aggregated information n/a
--- ------------------------ -----------------------------
e) Date of the transaction 16 January 2018
--- ------------------------ -----------------------------
f) Place of the London Stock Exchange, AIM
transaction (XLON)
--- ------------------------ -----------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ----------------------------------------------------------
a) Name Eddie Gonzalez
--- ------------------------ --------------------------------
2 Reason for notification
--- ----------------------------------------------------------
a) Position / status Chief Executive Officer
--- ------------------------ --------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ --------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ----------------------------------------------------------
a) Name Mayan Energy Ltd
--- ------------------------ --------------------------------
b) LEI 213800NTIHRNYL5QO564
--- ------------------------ --------------------------------
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 Options over Ordinary shares
the financial in Mayan Energy Ltd
instrument, type
of instrument ISIN VGG5S26K1152
Identification
code
--- ------------------------ --------------------------------
Nature of the Issue of 29,158,398 options
transaction over ordinary shares
--- ------------------------ --------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) ---------------- -----------
Exercise Price
of 1.1 p 29,158,398
---------------- -----------
--- ------------------------ --------------------------------
d) Aggregated information n/a
--- ------------------------ --------------------------------
e) Date of the transaction 16 January 2018
--- ------------------------ --------------------------------
f) Place of the London Stock Exchange, AIM
transaction (XLON)
--- ------------------------ --------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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