Blencowe Resources PLC Issue of Options (3541E)
October 27 2022 - 6:10AM
UK Regulatory
TIDMBRES
RNS Number : 3541E
Blencowe Resources PLC
27 October 2022
Date: 27 October 2022
Blencowe Resources Plc
("Blencowe" or the "Company")
Issue of Options
Blencowe Resources (LSE:BRES), the natural resources company
focussed on the development of the Orom-Cross Graphite Project in
Uganda, reports the issue of options ("Options") to directors and
senior management.
Given the stage of development of the Company and to further
align Directors and Senior Management with shareholders, the
Company now announces the grant of 5 million Options as set out
below, at 5p per share, for a period of five years.
Vesting Conditions
These options will not vest unless the share price of the
Company trades in excess of 10p per share for 10 consecutive
trading days. In addition, the options granted to the CEO and COO
will have certain vesting conditions including either the signing
of a strategic investor at project level, funding and delivery of a
pilot plant, or the completion of a definitive feasibility
study.
The Options represent 2.3% of the current issued share capital
being 177,929, 950 or 2.5% of the enlarged share capital of
196,679,950 from Monday 31 October 2022 following the recent issue
of shares regarding the strategic investment.
Amount Exercise
Price *
Mike Ralston (CEO) 1,500,000 GBP0.05
---------- ---------
Iain Wearing (COO) 1,000,000 GBP0.05
---------- ---------
Cameron Pearce (Chairman) 1,000,000 GBP0.05
---------- ---------
Lionshead Consultants Ltd (Sam Quinn) 1,000,000 GBP0.05
(Non Exec Director)
---------- ---------
Alexander Passmore (Non Exec Director) 500,000 GBP0.05
---------- ---------
*subject to vesting conditions being satisfied. Share price must
be in excess of 10p for 10 consecutive trading days.
Warrants
The Company also notifies that 3m warrants have been issued to a
consultant pursuant to a consulting services agreement, which are
exercisable at 8p per share, for a period of 3 years, conditional
on the delivery of 3 non-binding memorandums of understanding for
the sale of graphite concentrate from Orom-Cross.
For further information please contact:
Blencowe Resources Plc www.blencoweresourcesplc.com
Sam Quinn Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Investor Relations Tel: +44 (0) 7891 677 441
Sasha Sethi sasha@flowcomms.com
Tavira Securities Tel: +44 (0)20 7100 5100
Jonathan Evans jonathan.evans@tavirasecurities.com
First Equity Limited Tel: +44(0)20 7330 1833
Jason Robertson jasonrobertson@firstequitylimited.com
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross is a potential world class graphite project both by
size and end-product quality, with a high component of more
valuable larger coarse flakes within the deposit. A 21-year Mining
Licence for the project was issued by the Ugandan Government in
2019 following extensive historical work on the deposit and
Blencowe is moving through the Feasibility Study phase as it drives
towards first production targeted for 2023.
Orom-Cross presents as a large, shallow open-pitable deposit,
with a maiden JORC Indicated & Inferred Mineral Resource
deposit of 16.3Mt @ 6.0% Total Graphite Content. Development of the
resource is expected to benefit from a low strip ratio and free dig
operations, thereby ensuring lower operating and capital costs.
The Notification of Dealing Form provided in accordance with the
requirements of the Market Abuse Regulation in relation to the
transaction listed above is set out below.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name 1. Cameron Pearce
2. Mike Ralston
3. Alexander Passmore
4. Lionshead Consultants (S Quinn)
5. Iain Wearing
-------------------------------- -------------------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------------------
a) Position/status 1. Director
2. Manager
3. Director
4. Director
5. Manager
-------------------------------- -------------------------------------------------
b) Initial notification Initial Notification
/Amendment
-------------------------------- -------------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Blencowe Resources PLC
-------------------------------- -------------------------------------------------
b) LEI 213800UXIHBIRK36GG11
-------------------------------- -------------------------------------------------
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 of the Ordinary shares
financial instrument,
type of instrument
Identification code GB00BFCMVS34
b) Nature of the transaction Share Options
-------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
--------------------- ---------------
Price(s) Volume(s)
--------------------- ---------------
1. 0.05 1,000,000
2. 0.05 1,500,000
3. 0.05 500,000
4. 0.05 1,000,000
5. 0.05 1,000,000
----------------------------------------------------------------- ---------------
d) Aggregated information
- Aggregated volume N/A
- Price GBP0.05
e) Date of the transaction 27/10/2022
-------------------------------- -------------------------------------------------
f) Place of the transaction London Stock Exchange
-------------------------------- -------------------------------------------------
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END
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