Alba Mineral Resources PLC Grant of Options and Warrants (9365M)

TIDMALBA

RNS Number : 9365M

Alba Mineral Resources PLC

02 May 2018

Alba Mineral Resources plc

("Alba" or the "Company")

Grant of Share Warrants and Share Options

Alba Mineral Resources plc (AIM: ALBA) (the "Company" or "Alba") announces that the remuneration committee has today awarded warrants and options over a total of 107 million shares in the Company, as follows:

George Frangeskides (Executive Chairman):

60 million share options vesting as follows:

 
 No.          Vesting date 
 15,000,000   31/12/2018 
 15,000,000   30/6/2019 
 15,000,000   31/12/2019 
 15,000,000   30/6/2020 
 60,000,000 
 

These options are issued pursuant to the Company's existing Enterprise Management Incentive plan ("EMI scheme"), have an exercise price of 0.42p and expire on the tenth anniversary of grant if not exercised.

Share options granted pursuant to the EMI scheme are subject to accelerated vesting in certain circumstances, including pursuant to a change of control of the Company following a completed takeover offer.

Michael Nott (Non-Executive Director):

12 million share warrants vesting 31/12/18 at an exercise price of 0.42p and an expiration date of 27 March 2021. These share warrants are not issued pursuant to the EMI scheme.

Management and Consultants:

A further 35 million share warrants are being awarded to management and consultants of the Company, also at an exercise price of 0.42p and an expiry date of 27 March 2021, with varying vesting dates.

Together with the share options and share warrants previously issued to the Directors, the total number of share options and share warrants granted to the Directors (both vested and unvested) is 202 million. This represents approximately 7.1 per cent. of the issued share capital of the Company, taking into account the shares to be issued pursuant to the placing announced earlier today.

The awards to directors described above are deemed to be a related party transaction for the purposes of Rule 13 of the AIM Rules. Mr Manuel Lamboley, being the sole director independent of the transaction for the purposes of the awards, considers, having consulted with the Company's Nominated Adviser, that the terms of the awards are fair and reasonable insofar as the Shareholders are concerned.

Including these option and warrant grants, the Company has now granted options over a total of 280 million ordinary shares in the capital of the Company. Therefore the fully diluted issued share capital of the Company is 3,050,614,934 ordinary shares in the capital of the Company (assuming all options and warrants, vested and unvested, exercised and exercisable, were converted).

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information please contact:

Alba Mineral Resources plc

   George Frangeskides, Executive Chairman                      [phone] 

Cairn Financial Advisers LLP (Nomad)

   James Caithie / Liam Murray / Richard Nash                   [phone] 

First Equity Limited (Broker)

   Jason Robertson                                                           [phone] 

This information set out below is provided in accordance with Article 19(3) of EU Regulation 596/2014.

 
 1.   Details of PDMR / person closely associated 
---  ---------------------------------------------------------------------------------------------------- 
 a)   Name                                              (i) George Frangeskides 
                                                         (ii) Michael Nott 
---  ------------------------------------------------  -------------------------------------------------- 
 2.   Reason for the notification 
---  ---------------------------------------------------------------------------------------------------- 
 a)   Position / status                                 (i) Executive Chairman 
                                                         (ii) Non-Executive Director 
---  ------------------------------------------------  -------------------------------------------------- 
 b)   Initial notification /amendment                   Initial notification 
---  ------------------------------------------------  -------------------------------------------------- 
 3.   Details of the issuer 
---  ---------------------------------------------------------------------------------------------------- 
 a)   Name                                              Alba Mineral Resources plc 
---  ------------------------------------------------  -------------------------------------------------- 
 b)   LEI                                               213800Z1BU53AWR9J329 
---  ------------------------------------------------  -------------------------------------------------- 
 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 the financial instrument           Ordinary Shares of 0.1p each 
---  ------------------------------------------------  -------------------------------------------------- 
 b)   Identification code of the Financial Instrument   ISIN for Alba Mineral Resources plc: GB00B06KBB18 
---  ------------------------------------------------  -------------------------------------------------- 
 c)   Nature of the transaction                         Grant of options and warrants 
---  ------------------------------------------------  -------------------------------------------------- 
 d)   Price(s) and volume(s)                            Price       Volume 
                                                         (i) 0.42p   (i) 60,000,000 
                                                         (ii) 0.42p  (ii) 12,000,000 
---  ------------------------------------------------  -------------------------------------------------- 
 f)   Date of the transaction                           2 May 2018 
---  ------------------------------------------------  -------------------------------------------------- 
 g)   Place of the transaction                          Outside a trading venue 
---  ------------------------------------------------  -------------------------------------------------- 
 

Alba's Principal Operations & Investments

Oil & Gas

Horse Hill (Oil & Gas, UK): Alba holds an 18.1 per cent interest in Horse Hill Developments Limited, the company which has a 65 per cent participating interest and operatorship of the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK Weald Basin.

Brockham (Oil & Gas, UK): Alba has a direct 5 per cent interest in Production Licence 235, which comprises the producing onshore Brockham Oil Field.

Mining

Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest in the Amitsoq Graphite Project in Southern Greenland and has an option over the remaining 10 per cent.

Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of mineral exploration licences 2017/29 and 2017/39 in the Thule region, north-west Greenland.

Gold Mines of Wales (Gold, Wales, UK): Alba holds a 49 per cent interest in Gold Mines of Wales, the ultimate owner of the Clogau Gold project situated in the Dolgellau Gold Belt in Wales.

Inglefield Land (Multi-Commodity, Greenland): Alba owns 100 per cent of mineral exploration licences 2017/40 and 2018/15 in north-west Greenland.

Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per cent interest in mineral exploration licence 2017/41 in Melville Bay, north-west Greenland. The licence area benefits from an existing inferred JORC resource of 67 Mt @ 31.4% Fe.

Web: www.albamineralresources.com

This information is provided by RNS

The company news service from the London Stock Exchange

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May 02, 2018 11:09 ET (15:09 GMT)