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Share Name Share Symbol Market Type Share ISIN Share Description
Kodal Minerals Plc LSE:KOD London Ordinary Share GB00BH3X7Y70 ORD 0.03125P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.0015 -0.43% 0.3475 0.345 0.35 0.3525 0.3475 0.3475 21,631,017 10:15:03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.6 -0.0 - 55

Kodal Minerals PLC Grant of Performance Share Rights & Share Options

27/08/2021 7:00am

UK Regulatory (RNS & others)


Kodal Minerals (LSE:KOD)
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RNS Number : 9506J

Kodal Minerals PLC

27 August 2021

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

Kodal Minerals plc ('Kodal Minerals' or the 'Company')

Grant of Performance Share Rights and Share Options

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project in Mali ("Bougouni Project") and its gold assets in West Africa, announces the grant of Performance Share Rights and Share Options to certain directors and senior management (the "Management Incentive Awards").

Background to the Management Incentive Awards

The Company's Remuneration Committee has decided to implement a new incentive plan for management aligned with the Group's objectives and to drive shareholder value. The Board is mindful of conserving cash while the Company is in an exploration and development phase and the Remuneration Committee considers that the Management Incentive Awards are an appropriate means of incentivising directors and senior management.

It is noted that in light of the highly uncertain economic climate and the risks to the business arising from the Covid pandemic, together with the Company's limited working capital which is focused on asset/project development, in April 2020 certain directors and senior management agreed to receive shares in the Company in lieu of their accrued but unpaid salaries and fees for the previous six months. In addition, over the first seven months of the 2021 financial year certain directors agreed to forego part of their salaries and fees.

Award of Performance Share Rights

Performance Share Rights of up to 175,000,000 new ordinary shares of 0.03125p each in the Company ("New Ordinary Shares"), representing approximately 1.1 per cent. of the Company's current issued share capital, have been awarded to Bernard Aylward (CEO) and Mohamed Niare (Country Manager, Mali).

The Performance Share Rights carry vesting conditions that are linked to achievement of milestones critical to the development of the Bougouni Project and which are expected to realise significant value for shareholders and are as follows:

   1)    Award of mining licence; 
   2)    Securing the finance for construction of the Bougouni mine; and 
   3)    First commercial production from the Bougouni Project. 

Subject to the vesting conditions being satisfied, the holders of the Performance Share Rights may call for the applicable number of New Ordinary Shares, as set out in the table below, to be issued to them at any time within five years of the vesting condition being met and upon payment by them of the nominal value for the New Ordinary Shares.

The number of New Ordinary Shares that can be issued is capped at a monetary value of the shares around the time the milestone is achieved, as set out in the table below. Accordingly, the final number of New Ordinary shares that may be issued following each vesting criteria being met will be calculated using the 10 day VWAP (volume weighted average price) of the Company's shares over the period of five business days prior to the vesting criteria being satisfied and the subsequent five business days.

 
                                    Performance Share Rights over New Ordinary 
                                                      Shares 
 Vesting criteria              Bernard Aylward              Mohamed Niare 
                              ---------------------------  ------------------------ 
 Award of mining licence       Up to 30 million             Up to 10 million New 
                                New Ordinary Shares          Ordinary Shares 
                                (capped at value             (capped at value on 
                                on vesting of GBP300,000)    vesting of GBP100,000) 
                              ---------------------------  ------------------------ 
 Securing the finance          Up to 40 million             Up to 10 million New 
  for construction of           New Ordinary Shares          Ordinary Shares 
  the Bougouni mine             (capped at value             (capped at value on 
                                on vesting of GBP400,000)    vesting of GBP100,000) 
                              ---------------------------  ------------------------ 
 First commercial production   Up to 75 million             Up to 10 million New 
  from the Bougouni Project     New Ordinary Shares          Ordinary Shares 
                                (capped at value             (capped at value on 
                                on vesting of GBP750,000)    vesting of GBP100,000) 
                              ---------------------------  ------------------------ 
 Total                         Up to 145 million            Up to 30 million New 
                                New Ordinary Shares          Ordinary Shares 
                                (capped at value             (capped at value on 
                                on vesting of GBP1.45m)      vesting of GBP300,000) 
                              ---------------------------  ------------------------ 
 

In the event of a change of control of the Company, 50 per cent. of any unvested Performance Share Rights will vest immediately, provided that the Company's share price at the time of the change of control exceeds 0.34 pence, being the share price when the awards were made.

Grant of Share Options

Options over New Ordinary Shares have been granted to Robert Wooldridge (Chairman) and Qingtao Zeng (Non-Executive Director) as set out in the table below. The Options are exercisable at 0.36 pence per share, with 50 per cent. of the Options vesting immediately and the remaining 50 per cent. vesting in two equal tranches on the first and second anniversaries of the grant. All unvested options will vest immediately on a change of control of the Company. The Options recognise these Directors' commitment to the Company in respect of foregone fees as detailed above and considerable additional work undertaken over the past two years.

 
 Director             Number of Options granted 
 Robert Wooldridge    30,000,000 
                     -------------------------- 
 Qingtao Zeng         15,000,000 
                     -------------------------- 
 

Related party transaction

The granting of the Options and the Performance Share Rights to the above persons is deemed a related party transaction pursuant to rule 13 of the AIM Rules for Companies. Accordingly, Charles Joseland, the director independent of this transaction, considers, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.

The notification below, which has been made in accordance with the requirements of the UK Market Abuse Regulation, provides further details.

For further information, please visit www.kodalminerals.com or contact the following:

 
 Kodal Minerals plc 
  Bernard Aylward, CEO                          Tel: +61 418 
                                                943 345 
 Allenby Capital Limited, Nominated Adviser 
  Jeremy Porter/Nick Harriss/Liz Kirchner       Tel: 020 3328 
                                                5656 
 SP Angel Corporate Finance LLP, Financial 
  Adviser & Broker                              Tel: 020 3470 
  John Mackay, Adam Cowl                        0470 
 St Brides Partners Ltd, Financial PR 
  Susie Geliher/Cosima Akerman                  Tel: 020 7236 
                                                1177 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                         Bernard Aylward 
     ---------------------------  ----------------------------------- 
 2    Reason for the notification 
     ---------------------------------------------------------------- 
 a)   Position/status              Chief Executive Officer 
     ---------------------------  ----------------------------------- 
 b)   Initial notification         Initial notification 
       /Amendment 
     ---------------------------  ----------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------- 
 a)   Name                         Kodal Minerals plc 
     ---------------------------  ----------------------------------- 
 b)   LEI                          213800VKFS7TS32EGI81 
     ---------------------------  ----------------------------------- 
 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           ordinary shares of 0.03125p 
       financial instrument, 
       type of instrument           GB00BH3X7Y70 
       Identification code 
     ---------------------------  ----------------------------------- 
 b)   Nature of the transaction    Grant of Performance Share Rights 
                                    in respect of Ordinary Shares 
     ---------------------------  ----------------------------------- 
 c)   Price(s) and volume(s)       Price: 0.03125 p 
                                    Volume: 145,000,000 
     ---------------------------  ----------------------------------- 
 d)   Aggregated information       n/a 
       - Aggregated volume 
       - Price 
     ---------------------------  ----------------------------------- 
 e)   Date of the transaction      26 August 2021 
     ---------------------------  ----------------------------------- 
 f)   Place of the transaction     Outside of a trading venue 
     ---------------------------  ----------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        PDMRs: 
                                   Robert Wooldridge - Non-Executive 
                                   Chairman 
                                   Qingtao Zeng - Non-Executive 
                                   Director 
     --------------------------  ------------------------------------------ 
 2    Reason for the notification 
     ---------------------------------------------------------------------- 
 a)   Position/status             See 1a) above 
     --------------------------  ------------------------------------------ 
 b)   Initial notification        Initial notification 
       /Amendment 
     --------------------------  ------------------------------------------ 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------- 
 a)   Name                        Kodal Minerals plc 
     --------------------------  ------------------------------------------ 
 b)   LEI                         213800VKFS7TS32EGI81 
     --------------------------  ------------------------------------------ 
 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          ordinary shares of 0.03125p 
       financial instrument, 
       type of instrument          GB00BH3X7Y70 
       Identification code 
     --------------------------  ------------------------------------------ 
 b)   Nature of the transaction   Grant of options over Ordinary 
                                   Shares 
     --------------------------  ------------------------------------------ 
 c)   Price(s) and volume(s)      Price: 0.36 p 
                                   Volumes: Robert Wooldridge    30,000,000 
                                    Qingtao Zeng         15,000,000 
                                                        ----------- 
     --------------------------  ------------------------------------------ 
 d)   Aggregated information      n/a 
       - Aggregated volume 
       - Price 
     --------------------------  ------------------------------------------ 
 e)   Date of the transaction     26 August 2021 
     --------------------------  ------------------------------------------ 
 f)   Place of the transaction    Outside of a trading venue 
     --------------------------  ------------------------------------------ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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