Galileo Resources PLC Issue of Options (0872U)

TIDMGLR

RNS Number : 0872U

Galileo Resources PLC

28 July 2022

28 July 2022

Galileo Resources Plc

("Galileo" or the "Company")

Issuance of Director & Employee share options

Galileo, the exploration and development mining company, announces that options to subscribe for 39,000,000 new ordinary shares of the Company ("Ordinary Shares") were granted on 27 July 2022 to the directors of the Company and key officers and employees at an exercise price of 1.35 pence per share, vesting immediately. The options have a term of five years and any unexercised options will expire at midnight on 27 July 2027.

The options announced today will result in an increase of 39,000,000 options held by Directors, officers, and employees of the Company. Subsequent to this grant, a total of 97,700,000 share options are held by the Company's current Directors, officers and employees representing approximately 8.80 % of the Company's fully diluted share capital outstanding. All outstanding options held by current Directors, officers, and employees, other than those included in this grant, have exercise prices ranging between 1.30 and 1.85 pence per share.

The Board approved the issuance of these share option grants to incentivise and retain key Directors, officers and employees critical to enhancing the future market value of the Company and notes the significant premium of the respective exercise prices relative to the current share price. The Board considered both historical practices and on-going funding requirements in this regard.

The option exercise price is at approximately 45% premium to the closing mid-market price as at 26 July 2022 of 0.925 pence.

The grants made to the directors are as follows:

 
     Director              Number      Exercise     Vesting     Option 
                          of Options     price                   Expiry 
                                                     pence 
    Colin Bird          15,000,000      1.35     Immediately   27/07/25 
                       ------------  ---------  ------------  --------- 
    Edward Slowey        5,500,000      1.35     Immediately   27/07/25 
                       ------------  ---------  ------------  --------- 
                                Christopher 
     Molefe              1,000,000      1.35     Immediately   27/07/25 
                       ------------  ---------  ------------  --------- 
    Joel Silberstein     4,000,000      1.35     Immediately   27/07/25 
                       ------------  ---------  ------------  --------- 
                                Other PDMRs 
                       ------------  ---------  ------------  --------- 
    Eduard Victor        1,000,000      1.35     Immediately   27/07/25 
                       ------------  ---------  ------------  --------- 
    Other employees     12,500,000      1.35     Immediately   27/07/25 
                       ------------  ---------  ------------  --------- 
                       Total               39,000,000 
                       ------------  ---------  ------------  --------- 
 
 
 

Following the implementation of the above option grant, the directors will hold the following options over Ordinary Shares:

 
      Director          Number of Ordinary    Option exercise 
                        Shares to which the        price 
                          options relate           pence 
     Colin Bird             15,000,000             1.35 
                            7,500,000              1.30 
                            7,500,000              1.80 
                            3,500,000              1.85 
                            3,500,000              1.45 
                      ---------------------  ---------------- 
  Joel Silberstein          4,000,000              1.35 
                            1,000,000              1.85 
                            1,000,000              1.45 
                      ---------------------  ---------------- 
    Edward Slowey           5,500,000              1.35 
                             500,000               1.30 
                             500,000               1.80 
                            1,500,000              1.45 
                             1,500,000              1.85 
                      ---------------------  ---------------- 
 Richard Wollenberg          750,000               1.30 
                              750,000               1.80 
                             500,000               1.45 
                             500,000               1.85 
                      ---------------------  ---------------- 
 Christopher Molefe         1,000,000              1.35 
                              500,000               1.30 
                              500.000               1.80 
                             300,000               1.45 
                             300,000               1.85 
                      ---------------------  ---------------- 
 
 

A copy of this announcement is available on the Company's website www.galileoresources.com .

You can also follow Galileo on Twitter: @GalileoResource.

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact: Galileo Resources PLC

 
 Colin Bird, Chairman                   Tel [phone] 
  Edward Slowey, Executive Director      4477 
                                         Tel [phone] 
 Beaumont Cornish Limited - Nomad       Tel [phone] 
  Roland Cornish/James Biddle            3396 
                                      ------------------------ 
 Novum Securities Limited - Joint 
  Broker 
  Colin Rowbury /Jon Belliss            [phone] 
                                      ------------------------ 
 Shard Capital Partners LLP -           Tel [phone] 
  J oint Broker                          9952 
  Damon Heath 
                                      ------------------------ 
 

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July 28, 2022 05:35 ET (09:35 GMT)