Grant of Co-Investment Options and Share Options

RNS Number : 0787Z

Greatland Gold PLC

12 September 2022

 

12 September 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc
("Greatland" or "the Company")

Grant of Co-Investment Options and Share Options

PDMR dealing notifications

Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, announces the grant of co-investment options to subscribe for new ordinary shares in the Company to its proposed Directors, Mr Mark Barnaba and Ms Elizabeth Gaines, and to Mr Paul Hallam, an existing Non-Executive Director (together the "Co-Investment Options").

In addition, the Company has also granted Mr James 'Jimmy' Wilson, a newly appointed Executive Director, options to subscribe for 40,000,000 new ordinary shares in the Company under the Company's employee share scheme ("Share Options"). 

Further details of the Co-Investment Options

The Co-Investment Options are a one-off equity incentive package structured to align the interests of the Mr Barnaba, Ms Gaines and Mr Hallam in delivering substantial growth in shareholder value for the benefit of Greatland shareholders.

The Co-Investment Option structure has been designed to create strong and immediate alignment with shareholders to deliver substantial share price growth, with the option exercise price being set at 45 per cent above the equity placement price announced today.

The number of Co-Investment Options granted to Mr Barnaba, Ms Gaines and Mr Hallam is as follows:

Name	Role	Number of shares under option	Proportion of expanded capital if fully exercised*
Mark Barnaba	Non-Executive Chairman**	100,000,000	1.79%
Elizabeth Gaines	Non-Executive Director and Deputy Chair**	55,000,000	0.98%
Paul Hallam	Non-Executive Director	40,000,000	0.72%

^{* Expanded capital calculated on basis of completion of Wyloo share placement and exercise of all Wyloo warrants as announced on 12 September 2022; plus the conversion of all options outlined in this announcement. The gross proceeds from the exercise of all the above Co-Investment Options is c.£23m.}

^{** From 1 January 2023}

The Key Terms of the Co-Investment Options are contained in the following table:

Key Terms
Exercise Period	Date of issue to 31 August 2026
Exercise price	11.9 pence (representing a 45 per cent premium to 8.2 pence which was the price at which equity was issued in the recent placing announced on 24 August 2022 and a 46 per cent premium to the five-day volume weighted average share price to 9 September 2022 )
Vesting	Vesting immediately upon granting
Retention	The intention is that the Co-Investment Options are issued to align the interests of the individuals with that of Greatland's shareholders. To give effect to this intention, the parties agree to discuss in good faith a retention arrangement of three years in respect of the shares arising on exercise

Mr Wilson's 40,000,000 Share Options have been granted on substantively the same terms as the Co-Investment Options.

Related Party Opinion

As Paul Hallam and James Wilson are both existing directors, the granting of the Co-Investment Options and Share Options are considered related party transactions for the purposes of the AIM Rules. The independent directors (being the directors other than Paul Hallam and James Wilson), having consulted with SPARK Advisory Partners Limited, the Company's Nominated Adviser, consider the terms of the Co-Investment Options and Share Options to be fair and reasonable insofar as the Company's shareholders are concerned.

The PDMR dealing notifications at the end of this announcement are made in accordance with the requirements of the UK Market Abuse Regulation.

Enquiries:

Greatland Gold PLC Shaun Day	[e-mail] www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser) Andrew Emmott/James Keeshan	[phone]
Berenberg (Joint Corporate Broker and Financial Adviser) Matthew Armitt/ Jennifer Lee/ Jack Botros	[phone]
Canaccord Genuity (Joint Corporate Broker and Financial Adviser) James Asensio/Patrick Dolaghan	[phone]
Hannam & Partners (Joint Corporate Broker and Financial Adviser) Andrew Chubb/Matt Hasson/Jay Ashfield	[phone]
SI Capital Limited (Joint Broker) Nick Emerson/Sam Lomanto	[phone]
Gracechurch Group (Media and Investor Relations) Harry Chathli/Alexis Gore/Tan Siddique	[phone]

PDMR dealing notifications

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Company directors/officers: Paul Hallam Non-Executive Director James Wilson Executive Director
2.	Reason for the notification
a)	Position/status	See 1(a) above for all positions - all classified as PDMRs of the Company
b)	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Greatland Gold plc
b)	LEI	213800KMN7LDF4VRPQ10
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	Options over Ordinary Shares of 0.1p each
b)	Identification code	GB00B15XDH89
c)	Nature of the transactions	Grant of options over Ordinary Shares
d)	Price(s) and volume(s)	Price at grant: Nil Exercise Price:  11.9 pence per Ordinary Share Volume(s) Name Date Transaction Type Amount Price Paul Hallam 12 September 2022 Co-Investment Options 40,000,000 11.9p each James Wilson 12 September 2022 Share Options 40,000,000 11.9p each
e)	Aggregated information -  Aggregated volume -  Price	n/a - single transaction
f)	Date of the transactions	12 September 2022
f)	Place of the transactions	Outside a trading venue

Notes for Editors:

Greatland Gold plc (AIM:GGP) is a mining development and exploration company with a focus on   precious and base metals. The Company's flagship asset is the potentially world class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development through a joint venture with Newcrest (the "JV"). Newcrest holds a joint venture interest of 70% (30% Greatland).

Havieron is located approximately 45km east of Newcrest's Telfer gold mine and, subject to positive feasibility study and   decision to mine, will leverage the existing infrastructure and processing plant to significantly reduce the project's capital expenditure and carbon impact for a low-risk and low-cost pathway to development.

Construction is well advanced and continuing with the   box cut and decline to develop the Havieron deposit originally commenced in February 2021. An extensive growth drilling programme continues at Havieron with a view to further expanding the understanding and scale of the ore body.

Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total of six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.

 

END

 

 

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