Operational Update & Issuance of Director Shares

RNS Number : 3581U
Hamak Gold Limited
27 March 2023
 

 

 

 

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27 March 2023

Hamak Gold Limited

("Hamak Gold" or the "Company")

Operational Update

Issuance of Director Shares

Hamak Gold Limited (LSE: HAMA) is pleased to provide an update on the geophysical survey across its high-grade gold discovery at the Company's 100% held Nimba Licence in Liberia.  

Highlights

· Induced Polarisation ("IP") geophysical survey underway by consulting group GeoFocus

 

· 4,240m of line survey completed at orientation block over Ziatoyah gold discovery where initial drilling returned a near-surface intersection of 20m @7g/t Au

 

· Interpretation of initial results is promising at mapping the subsurface sulphide mineralization associated with gold mineralization discovered at Ziatoyah

 

· Survey to be expanded for a further 6,400m of line survey across the northwestern, strong gold in soil anomaly

 

· Objective of the survey is to define the margins of sub-surface sulphide mineralized units and to define and identify future drill targets

 

Karl Smithson, Executive Director of Hamak Gold commented: 

"The Induced Polarization ("IP") orientation geophysical survey is progressing well over the area which hosts the Ziatoyah high-grade gold discovery. Given the excellent quality of the data yielded so far, we are confident that we will be able to define mineralized zones and structures to identify drill targets along the strike of the high-grade gold intersection at Ziatoyah.

"We will expand the survey to the north of Ziatoyah (Follow Up Survey) to include the strong gold in soil anomaly and expect the geophysical surveys and interpretation to be complete in April 2023."

Figure 1: Orientation and Follow Up IP Survey Blocks Across Ziatoyah Discovery Site and Gold in Soil Anomalies

Issue of Fee Shares and Performance Shares

As outlined in the Company's Prospectus, to conserve funds, the Directors of the Company agreed to accept shares in lieu of fees for a period of 18 months following the date of Admission to the London Stock Exchange ("LSE"), to be received quarterly in arrears ("Fee Shares").  For the period of 1 December 2022 to 28 February 2023, a total of 448,805 Fee Shares will be issued to the Directors of the Company as follows:

Fee Shares issued to directors


Number

Amara Kamara 


145,000

Nicholas Karl Smithson


125,000

Samuel Julius Baiden 


50,000

Kenneth Niall Young


50,000

Martin Lampshire


45,472

Walter McCarthy (resigned 30 January 2023)


33,333

Total


448,805

 

On the 7 July 2022 it was announced that the Company had granted up to 2,129,847 Performance Rights in accordance with its Unapproved Share Performance Rights Plan to the Directors and to certain senior management.

Each Performance Right entitles the holder to acquire one ordinary share. The Performance Rights vest in accordance with the following conditions as set out in the Company's Prospectus:

· 50 per cent. (50%) of the shares shall vest on the Company's first drill intersection showing significant gold mineralisation (as determined by the Senior Technical Consultant to the Board); and

· the remaining 50 per cent. (50%) of the shares shall vest on the first date on which the price of the Shares is double that of the price at which Shares are issued in the placing of Shares with certain institutional and retail investors at time of the Listing.

After taking independent expert advice, the Board has concluded that the first milestone has been achieved through the discovery and drilling intersection of significant gold mineralisation at Ziatoyah which returned a near-surface intersection of 20m @7g/t Au, including 5m @22g/t Au.  Following exercise, a total of 953,107 Performance Shares are being issued to Directors (excluding the executive Chairman), senior management and staff as follows:

Performance Shares exercised:


Directors

Number

Karl Smithson

  255,582 

Julius Baiden

  111,817 

Niall Young

  111,817 

Martin Lampshire

  111,817 

Sub total

  591,033 

Others

  362,074 

Total

   953,107 

 

Following issuance of the Fee and Performance Shares, the Directors' share interests will be as follows:

Directors

No of shares

%

Amara Kamara

24,744,833

54.1%

Nicholas Karl Smithson *

4,151,539

9.1%

Samuel Julius Baiden

561,817

1.2%

Kenneth Niall Young

411,817

0.9%

Martin Lampshire

1,286,704

2.8%

Sub-Total Directors

31,156,710

68.1%

Other Shareholders

14,575,868

31.9%

Total Shares in Issue

45,732,578

100.0%

* including spouse holding 753,378 ordinary shares

Application will be made for the approval of the LSE to issue the Fee and Performance Shares.  After issuance of these shares the issued share capital of the Company will be 45,732,578 ordinary shares.  The figure of 45,732,578 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

 

For further information you are invited to view the Company's website at www.hamakgold.com or please contact:

Hamak Gold Limited

Amara Kamara

Karl Smithson 

 

+231 (0) 77 005 0005

+44 (0) 77 837 07971

Peterhouse Capital Limited (Broker)

Lucy Williams

Guy Miller

Yellow Jersey PR

Sarah Hollins

Annabelle Wills

+44 (0) 20 7469 0930

 

 

+44 (0) 20 3004 9512

 

 

About Hamak Gold Limited

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration of a portfolio of licences in highly prospective areas of Liberia, where significant drilling results have identified a new high-grade gold discovery with the discovery hole returning 20m @ 7g/t Au near surface.

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

 

Name

 

 

1. Amara Kamara

2. Nicholas Karl Smithson

3. Samuel Julius Baiden

4. Kenneth Niall Young

5. Martin Lampshire

2

 

Reason for the notification

 

a)

 

Position/status

 

 

1. Chairman

2. Executive Director

3. Non-Executive Director

4. Non-Executive Director

5. 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 

Hamak Gold Limited

b)

 

LEI 

213800NL4ICLKYSYU749

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

 

Ordinary Shares of no par value each

 

 

ISIN: VGG4256S1048

 

b)

 

Nature of the transaction

 

 

Issue of Fee shares and Performance Shares (as applicable)

c)

 

Price(s) and volume(s)

 

 

 Price(s) 

Volume(s)

1. N/A

2. N/A

3. N/A

4. N/A

5. N/A

 

1. 145,000

2. 380,582

3. 161,817

4. 161,817

5. 157,289

 

 

d)

 

Aggregated information

 

Price 

1,006,505

e)

 

Date of the transaction

 

28.3.23

f)

 

Place of the transaction

 

Outside a trading venue

 

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