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MYN Mayan Energy Limited

0.14
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Mayan Energy Limited LSE:MYN London Ordinary Share VGG5S26K1152 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.14 0.13 0.15 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Mayan Energy Limited Issue of Options (9448B)

16/01/2018 7:00am

UK Regulatory


Mayan Energy (LSE:MYN)
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RNS Number : 9448B

Mayan Energy Limited

16 January 2018

Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas

16 January 2018

Mayan Energy Ltd ('Mayan' or 'the Company')

Issue of Options

Mayan (AIM: MYN), the AIM listed oil and gas company, announces that today it has issued options over 116.6 million Ordinary Shares to certain of its Directors, Key management, Employees and Consultants (the "New Options"). These New Options replace all pre-existing options which consequently have been cancelled.

Vesting of the New Options is conditional on Mayan achieving production of 500 barrels of oil per day (net to Mayan), with any attributable production expected from the Company's recent investment in Deloro Energy Inc (the Asphalt Ridge Project in Utah) excluded from the aforementioned production figure.

The exercise price of the New Options is 1.1p per share, which represents a 183% premium over the Placing Price the Company raised GBP2million, as announced on 16 November 2017, which was itself a 62% premium over Mayan's then 90 day VWAP ("Volume Weighted Average Price"). The New Options have a duration of 5 years and represent 10% of Mayan's existing issued share capital.

Mayan believes that the terms of the New Options brings the strike price of its share options more into line with the current market price of Mayan's shares and together with the production target should afford a viable incentive and reward package to the Company's Directors, Key Management, Employees and Consultants as they work to deliver increased value to shareholders. The New Options replace existing options issued to the Directors and Key Management on 1 September 2016.

After the issue of the New Options, the share option holdings of the above may be summarised as follows:

 
       Options as at 16 January 2018: POST RESTRUCTURING 
-------------------------------------------------------------- 
 Revised Vesting Price pence per share                 1.1 
------------------------------------------------  ------------ 
 Vesting Date                                       16-Jan-18 
--------------------------  --------------------  ------------ 
 Expiry Date                                        15-Jan-23 
 Mayan Net Barrels Oil per day threshold             500.00 
------------------------------------------------  ------------ 
 NUMBER OF OPTIONS                                    Total 
------------------------------------------------  ------------ 
 Eddie Gonzalez              CEO                    29,158,398 
 Charlie Wood                Executive Chairman     23,326,719 
 Options to Directors                               52,485,117 
                                                  ------------ 
 
 Options to non-directors                           64,148,476 
------------------------------------------------ 
 TOTAL OPTIONS                                     116,633,593 
------------------------------------------------  ------------ 
 

The number of ordinary shares currently in issue is 1,166,335,931 with share options and investor warrants outstanding of 116,633,593 and 82,692,134 respectively.

The issue of 52,485,117 New Options (representing 4.5% of the ISC) to two of the Company's Directors, Charlie Wood and Eddie Gonzalez, constitutes a related party transaction under the AIM Rules for Companies. Accordingly, JD McGraw, a Non-Executive Director at Mayan, who is independent of the issue of options, having consulted with the Company's Nominated Adviser, considers the terms of the investment to be fair and reasonable insofar as Mayan's shareholders are concerned.

Special note concerning the Market Abuse Regulation:

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").

**S**

For further information visit www.Mayan energy.com or contact the following:

 
                                         + 1 469 394 
 Eddie Gonzalez    Mayan Energy Ltd       2008 
                                         +44 7971 444 
 Charlie Wood      Mayan Energy Ltd       326 
                   Beaumont Cornish      +44 20 7628 
 Roland Cornish     Ltd                   3396 
                   Beaumont Cornish      +44 20 7628 
 James Biddle       Ltd                   3396 
                   Cornhill Capital      +44 20 7710 
 Nick Bealer        Limited               9612 
                   St Brides Partners    +44 20 7236 
 Gaby Jenner        Ltd                   1177 
 

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) oil and gas energy company; whose present operations which are focussed on the redevelopment and enhancement of its upstream oil and gas interests in Texas, Oklahoma, and Louisiana and its investments in the Asphalt Ridge Project Utah, and in Block Energy Plc, Georgia.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.

 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
---  ------------------------------------------------------- 
 a)   Name                      Charlie Wood 
---  ------------------------  ----------------------------- 
 2    Reason for notification 
---  ------------------------------------------------------- 
 a)   Position / status         Chairman 
---  ------------------------  ----------------------------- 
 b)   Initial notification      Initial 
       /Amendment 
---  ------------------------  ----------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ------------------------------------------------------- 
 a)   Name                      Mayan Energy Ltd 
---  ------------------------  ----------------------------- 
 b)   LEI                       213800NTIHRNYL5QO564 
---  ------------------------  ----------------------------- 
 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            Options over Ordinary shares 
       the financial             in Mayan Energy Ltd 
       instrument, type 
       of instrument             ISIN VGG5S26K1152 
       Identification 
       code 
---  ------------------------  ----------------------------- 
      Nature of the             Issue of 23,326,718 options 
       transaction               over ordinary shares 
---  ------------------------  ----------------------------- 
      Price(s) and                Price(s)     Volumes(s) 
       volumes(s)                 -----------  ----------- 
                                   Exercise 
                                    Price of 
                                    1.1p        23,326,718 
                                  -----------  ----------- 
---  ------------------------  ----------------------------- 
 d)   Aggregated information    n/a 
---  ------------------------  ----------------------------- 
 e)   Date of the transaction   16 January 2018 
---  ------------------------  ----------------------------- 
 f)   Place of the              London Stock Exchange, AIM 
       transaction               (XLON) 
---  ------------------------  ----------------------------- 
 
 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
---  ---------------------------------------------------------- 
 a)   Name                      Eddie Gonzalez 
---  ------------------------  -------------------------------- 
 2    Reason for notification 
---  ---------------------------------------------------------- 
 a)   Position / status         Chief Executive Officer 
---  ------------------------  -------------------------------- 
 b)   Initial notification      Initial 
       /Amendment 
---  ------------------------  -------------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ---------------------------------------------------------- 
 a)   Name                      Mayan Energy Ltd 
---  ------------------------  -------------------------------- 
 b)   LEI                       213800NTIHRNYL5QO564 
---  ------------------------  -------------------------------- 
 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            Options over Ordinary shares 
       the financial             in Mayan Energy Ltd 
       instrument, type 
       of instrument             ISIN VGG5S26K1152 
       Identification 
       code 
---  ------------------------  -------------------------------- 
      Nature of the             Issue of 29,158,398 options 
       transaction               over ordinary shares 
---  ------------------------  -------------------------------- 
      Price(s) and                Price(s)          Volumes(s) 
       volumes(s)                 ----------------  ----------- 
                                   Exercise Price 
                                    of 1.1 p         29,158,398 
                                  ----------------  ----------- 
---  ------------------------  -------------------------------- 
 d)   Aggregated information    n/a 
---  ------------------------  -------------------------------- 
 e)   Date of the transaction   16 January 2018 
---  ------------------------  -------------------------------- 
 f)   Place of the              London Stock Exchange, AIM 
       transaction               (XLON) 
---  ------------------------  -------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

January 16, 2018 02:00 ET (07:00 GMT)

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