TIDMHAMA
RNS Number : 3581U
Hamak Gold Limited
27 March 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES, ANY TERRITORY OR
POSSESSION THEREOF OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
27 March 2023
Hamak Gold Limited
("Hamak Gold" or the "Company")
Operational Update
Issuance of Director Shares
Hamak Gold Limited (LSE: HAMA) is pleased to provide an update
on the geophysical survey across its high-grade gold discovery at
the Company's 100% held Nimba Licence in Liberia.
Highlights
-- Induced Polarisation ("IP") geophysical survey underway by consulting group GeoFocus
-- 4,240m of line survey completed at orientation block over
Ziatoyah gold discovery where initial drilling returned a
near-surface intersection of 20m @7g/t Au
-- Interpretation of initial results is promising at mapping the
subsurface sulphide mineralization associated with gold
mineralization discovered at Ziatoyah
-- Survey to be expanded for a further 6,400m of line survey
across the northwestern, strong gold in soil anomaly
-- Objective of the survey is to define the margins of
sub-surface sulphide mineralized units and to define and identify
future drill targets
Karl Smithson, Executive Director of Hamak Gold commented:
"The Induced Polarization ("IP") orientation geophysical survey
is progressing well over the area which hosts the Ziatoyah
high-grade gold discovery. Given the excellent quality of the data
yielded so far, we are confident that we will be able to define
mineralized zones and structures to identify drill targets along
the strike of the high-grade gold intersection at Ziatoyah.
"We will expand the survey to the north of Ziatoyah (Follow Up
Survey) to include the strong gold in soil anomaly and expect the
geophysical surveys and interpretation to be complete in April
2023."
Figure 1: Orientation and Follow Up IP Survey Blocks Across
Ziatoyah Discovery Site and Gold in Soil Anomalies
Issue of Fee Shares and Performance Shares
As outlined in the Company's Prospectus, to conserve funds, the
Directors of the Company agreed to accept shares in lieu of fees
for a period of 18 months following the date of Admission to the
London Stock Exchange ("LSE"), to be received quarterly in arrears
("Fee Shares"). For the period of 1 December 2022 to 28 February
2023, a total of 448,805 Fee Shares will be issued to the Directors
of the Company as follows:
Fee Shares issued to directors Number
Amara Kamara 145,000
Nicholas Karl Smithson 125,000
Samuel Julius Baiden 50,000
Kenneth Niall Young 50,000
Martin Lampshire 45,472
Walter McCarthy (resigned 30 January 2023) 33,333
--------
Total 448,805
--------
On the 7 July 2022 it was announced that the Company had granted
up to 2,129,847 Performance Rights in accordance with its
Unapproved Share Performance Rights Plan to the Directors and to
certain senior management.
Each Performance Right entitles the holder to acquire one
ordinary share. The Performance Rights vest in accordance with the
following conditions as set out in the Company's Prospectus:
-- 50 per cent. (50%) of the shares shall vest on the Company's
first drill intersection showing significant gold mineralisation
(as determined by the Senior Technical Consultant to the Board);
and
-- the remaining 50 per cent. (50%) of the shares shall vest on
the first date on which the price of the Shares is double that of
the price at which Shares are issued in the placing of Shares with
certain institutional and retail investors at time of the
Listing.
After taking independent expert advice, the Board has concluded
that the first milestone has been achieved through the discovery
and drilling intersection of significant gold mineralisation at
Ziatoyah which returned a near-surface intersection of 20m @7g/t
Au, including 5m @22g/t Au. Following exercise, a total of 953,107
Performance Shares are being issued to Directors (excluding the
executive Chairman), senior management and staff as follows:
Performance Shares exercised:
Directors Number
Karl Smithson 255,582
Julius Baiden 111,817
Niall Young 111,817
Martin Lampshire 111,817
---------------------------------------------
Sub total 591,033
Others 362,074
Total 953,107
---------------------------------------------
Following issuance of the Fee and Performance Shares, the
Directors' share interests will be as follows:
Directors No of shares %
Amara Kamara 24,744,833 54.1%
Nicholas Karl
Smithson * 4,151,539 9.1%
Samuel Julius
Baiden 561,817 1.2%
Kenneth Niall
Young 411,817 0.9%
Martin Lampshire 1,286,704 2.8%
------------- -------
Sub-Total Directors 31,156,710 68.1%
Other Shareholders 14,575,868 31.9%
------------- -------
Total Shares
in Issue 45,732,578 100.0%
------------- -------
* including spouse holding 753,378 ordinary shares
Application will be made for the approval of the LSE to issue
the Fee and Performance Shares. After issuance of these shares the
issued share capital of the Company will be 45,732,578 ordinary
shares. The figure of 45,732,578 ordinary shares 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 under the Financial Conduct Authority's Disclosure and
Transparency Rules.
For further information you are invited to view the Company's
website at www.hamakgold.com or please contact:
Hamak Gold Limited
Amara Kamara +231 (0) 77 005 0005
Karl Smithson +44 (0) 77 837 07971
Peterhouse Capital Limited (Broker)
Lucy Williams
Guy Miller +44 (0) 20 7469 0930
Yellow Jersey PR
Sarah Hollins
Annabelle Wills +44 (0) 20 3004 9512
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed
on gold exploration of a portfolio of licences in highly
prospective areas of Liberia, where significant drilling results
have identified a new high-grade gold discovery with the discovery
hole returning 20m @ 7g/t Au near surface.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Amara Kamara
2. Nicholas Karl Smithson
3. Samuel Julius Baiden
4. Kenneth Niall Young
5. Martin Lampshire
----------------------- -------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status 1. Chairman
2. Executive Director
3. Non-Executive Director
4. Non-Executive Director
5. Non-Executive Director
----------------------- -------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------- -------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Hamak Gold Limited
----------------------- -------------------------------------------
b) LEI 213800NL4ICLKYSYU749
----------------------- -------------------------------------------
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 Ordinary Shares of no par value each
of the financial
instrument,
type of instrument ISIN: VGG4256S1048
Identification
code
----------------------- -------------------------------------------
b) Nature of Issue of Fee shares and Performance Shares
the transaction (as applicable)
----------------------- -------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) 1. N/A 1. 145,000
2. N/A 2. 380,582
3. N/A 3. 161,817
4. N/A 4. 161,817
5. N/A 5. 157,289
------------
----------------------- -------------------------------------------
Aggregated
information
d) Price 1,006,505
----------------------- -------------------------------------------
e) Date of the 28.3.23
transaction
----------------------- -------------------------------------------
f) Place of Outside a trading venue
the transaction
----------------------- -------------------------------------------
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END
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