Hamak Gold Limited Correction: Issuance of Director Shares (6514U)

TIDMHAMA

RNS Number : 6514U

Hamak Gold Limited

29 March 2023

The following additional information has been included in the 'Operational Update & Issuance of Director Shares' announcement released on 27 March 2023 at 16:07 under RNS No 3581U.

An application has been made by the issuer to the FCA to have 1, 401, 912 Ordinary Shares listed on the FCA Official List. It is expected the shares will be admitted on 31 March 2023.

All other details remain unchanged.

The full amended text is shown below.

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.

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.

An application has been made by the issuer to the FCA to have 1, 401, 912 Ordinary Shares listed on the FCA Official List. It is expected the shares will be admitted on 31 March 2023.

For further information you are invited to view the Company's website at www.hamakgold.com or please contact:

 
 Hamak Gold Limited 
  Amara Kamara                            [phone] 
  Karl Smithson                           [phone] 
 Peterhouse Capital Limited (Broker) 
  Lucy Williams 
  Guy Miller                            [phone] 
  Yellow Jersey PR 
  Sarah Hollins 
  Annabelle Wills                        [phone] 
 

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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March 29, 2023 08:54 ET (12:54 GMT)