Xtract Resources plc Award of share options (0338S)

TIDMXTR

RNS Number : 0338S

Xtract Resources plc

03 July 2020

For immediate release

3 July 2020

Xtract Resources Plc

("Xtract" or the "Company")

Award of Share Options

Director / PDMR Shareholding

Award of Share Options

The Board of Xtract announces that on 2 July 2020, the Company has awarded 19,250,000 new options over ordinary shares ("New Options"). 10,000,000 New Options (representing 2.19 per cent. of the current issued share capital) have been awarded to Directors (other than Peter Moir, Non-executive Director and Chairman of the Remuneration Committee who has approved the option award) and a further 9,250,000 New Options (representing 2.02 per cent. of the current issued share capital) have been awarded to employees, consultants and officers of the Company.

Half the New Options vest and are exercisable immediately on award, with an exercise price of 1.40p (the "First Tranche"). The remainder of the New Options have an exercise price of 2p and are subject to a share performance target and will vest as and when the Xtract share price is 2p (the "Second Tranche"). The New Options will lapse five years after the date of the award, being 1 July 2025.

The exercise price of the First Tranche represents a 18.64 per cent premium to the Xtract ordinary share mid-market closing price of 1.18p as at 2 July 2020, and a 6.52 per cent premium to the 30-day volume weighted average share price for the 30 trading days ended 2 July 2020.

Further details of the New Options awards are as follows:

 
                      Number of 
Individual          New Options 
-----------------  ------------ 
Directors: 
Colin Bird            7,000,000 
Joel Silberstein      3,000,000 
Other PDMR(s): 
Eduard Victor         5,000,000 
Employees: 
Other                 4,250,000 
Total                19,250,000 
                   ------------ 
 

There have been no other awards of options in the prior 12-month period.

A copy of this announcement: www.xtractresources.com

Enquiries :

 
 Xtract Resources Plc         Colin Bird,           [phone] 
                               Executive Chairman    www.xtractresources.com 
 Beaumont Cornish Limited     Roland Cornish        [phone] 
  Nominated Adviser and        Michael Cornish       www.beaumontcornish.co.uk 
  Joint Broker                 Felicity Geidt 
 
   Novum Securities Limited     Colin Rowbury         [phone] 
   Joint Broker                                       www.novumsecurities.com 
 

The following disclosure is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             1. Colin Bird 
                                        2. Joel Siberstein 
                                        3. Eduard Victor 
     --------------------------  -------------------------------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------------------------------------ 
 a)   Position/status             1. Chairman 
                                   2. Finance Director 
                                   3. Chief Operating Officer (Non-Board) 
     --------------------------  -------------------------------------------------------------------------- 
 b)   Initial notification        Initial Notification 
       /Amendment 
     --------------------------  -------------------------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------------------------------------ 
 a)   Name                        Xtract Resources plc 
     --------------------------  -------------------------------------------------------------------------- 
 b)   LEI                         213800A71LZ79EKUNC34 
     --------------------------  -------------------------------------------------------------------------- 
 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          Options over Ordinary Shares of 0.02p each 
       financial instrument,       ("Ordinary Shares") 
       type of instrument 
 
      Identification code         ISIN: GB00BYSX2795 
 
 b)   Nature of the transaction   Issue of Options over Ordinary Shares 
     --------------------------  -------------------------------------------------------------------------- 
 c)   Price(s) and volume(s)        Director            Price payable on exercise of option    Volume(s) 
                                     -----------------  --------------------------------------  --------- 
                                     Colin Bird                P              1.40              3,500,000 
                                     Colin Bird                P              2.00              3,500,000 
                                     Joel Silberstein          p              1.40              1,500,000 
                                     Joel Silberstein          p              2.00              1,500,000 
                                     Eduard Victor             p              1.40              2,500,000 
                                     Eduard Victor             P              2.00              2,500,000 
                                   ---------------------------------------------------------------------- 
 
 d)   Aggregated information 
 
      - Aggregated volume         15,000,000 options over Ordinary Shares 
 
      - Price                     7,500,000 exercisable at 1.4p 
                                   7,500,000 exercisable at 2p 
 
 e)   Date of the transaction     2 July 2020 
     --------------------------  -------------------------------------------------------------------------- 
 f)   Place of the transaction    Outside a trading venue 
     --------------------------  -------------------------------------------------------------------------- 
 

ENDS

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July 03, 2020 11:00 ET (15:00 GMT)