Grant of Options and Director Shareholding

RNS Number : 9567I

Georgian Mining Corporation

23 June 2017

 

23 June 2017

Georgian Mining Corporation ('GEO or 'the Company')

Grant of Options and Director Shareholding

Georgian Mining Corporation announces that the Remuneration Committee has agreed to issue options over a total of 3,300,000 ordinary shares of no par value in the capital of the Company ("Share Options") at an exercise price of 18.25p per share. These options will vest immediately and will expire on 21 July 2022.

The Share Options represent in aggregate 2.88% of the existing issued ordinary share capital of the Company and have been issued to a number of directors and employees of the Company in line with the Company's ongoing incentive plans. Following the grant of the Share Options, in aggregate there will be 8,200,000 ordinary shares of no par value of the Company under option to directors and employees of the Company, representing 7.1% of the existing issued ordinary share capital of the Company.

The grant of the Share Options described in this announcement is a related party transaction for the purposes of Rule 13 of the AIM Rules.  Martyn Churchouse, being an independent director, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the directors' participation in the Placing.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Gregory Kuenzel
2.	Reason for the notification
a)	Position/status:	Managing Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Georgian Mining Corporation
b)	LEI:	2138002IOR7OCZZPB279
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, type of instrument: Identification code:	Share options over ordinary shares of no par value  VGG9688A1003
b)	Nature of the transaction:	Grant of options over ordinary shares
c)	Price(s) and volume(s):	Price(s) Volume(s) 18.25 pence 1,500,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 18.25 pence 1,500,000
e)	Date of the transaction:	2017-06-22 18:30 hrs UTC
f)	Place of the transaction:	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Peter Damouni
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Georgian Mining Corporation
b)	LEI:	2138002IOR7OCZZPB279
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, type of instrument: Identification code:	Share options over ordinary shares of no par value  VGG9688A1003
b)	Nature of the transaction:	Grant of options over ordinary shares
c)	Price(s) and volume(s):	Price(s) Volume(s) 18.25 pence 1,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 18.25 pence 1,000,000
e)	Date of the transaction:	2017-06-23 18:30 hrs UTC
f)	Place of the transaction:	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Neil O'Brien
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Georgian Mining Corporation
b)	LEI:	2138002IOR7OCZZPB279
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, type of instrument: Identification code:	Share options over ordinary shares of no par value  VGG9688A1003
b)	Nature of the transaction:	Grant of options over ordinary shares
c)	Price(s) and volume(s):	Price(s) Volume(s) 18.25 pence 500,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 18.25 pence 500,000
e)	Date of the transaction:	2017-06-23 18:30 hrs UTC
f)	Place of the transaction:	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Laurence Mutch
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Georgian Mining Corporation
b)	LEI:	2138002IOR7OCZZPB279
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, type of instrument: Identification code:	Share options over ordinary shares of no par value  VGG9688A1003
b)	Nature of the transaction:	Grant of options over ordinary shares
c)	Price(s) and volume(s):	Price(s) Volume(s) 18.25 pence 250,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 18.25 pence 250,000
e)	Date of the transaction:	2017-06-22 18:30 hrs UTC
f)	Place of the transaction:	Outside a trading venue

**ENDS**

For further information please visit www.georgianmining.com  or contact:

Greg Kuenzel	Georgian Mining Corporation	Company	Tel: [phone]
Ewan Leggat	S. P. Angel Corporate Finance LLP	Nomad & Broker	Tel: [phone]
Damon Heath	Shard Capital Partners LLP	Joint Broker	Tel: [phone]
Frank Buhagiar	St Brides Partners Ltd	PR	Tel: [phone]

About Georgian Mining Corporation

Georgian Mining Corporation has 50% ownership and operational control of the Bolnisi Copper and Gold Project in Georgia, situated on the prolific Tethyan Belt, a well-known geological region and host to many high-grade copper-gold deposits and producing mines.  The Bolnisi licence covers an area of over 860 sq km and has a 30-year mining licence with two advanced exploration projects; Kvemo Bolnisi and Tsitsel Sopeli.  These projects are nearby existing mining operations owned by the Company's supportive joint venture partner.  Georgia has an established mining code and is a jurisdiction open to direct foreign investment.

The Company is developing the project in three phases:

·    Phase 1: H1 2017 target to delineate a minimum of 1-2 Mt to support initial spare capacity (now achieved and exceeded)

·    Phase 2: 2017 target to delineate a 3-5 Mt resource of combined copper-gold sulphide and gold oxide mineralisation (on target)

·    Phase 3: Long term target - to delineate a resource of 50Mt+

 

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