Chaarat Gold Holdings Ltd Grant of options and Extension of waiver (6535K)
July 11 2017 - 2:00AM
UK Regulatory
TIDMCGH
RNS Number : 6535K
Chaarat Gold Holdings Ltd
11 July 2017
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Grant of share options and Extension of waiver to concert
party
Road Town, Tortola, British Virgin Islands (11(th) July
2017)
Chaarat (AIM : CGH), the AIM quoted exploration and development
company with assets in the Kyrgyz Republic, is pleased to provide
the following update.
Grant of share options
As announced on 10(th) July a new executive management team has
been established to bring the Tulkubash Heap Leach Project into
production headed by CEO Robert Benbow. The Board has approved the
grant of 3.5 million options to three members of the team at an
exercise price of 16.328p representing the average of the Chaarat
share price for the last five trading days. 500,000 options were
granted to the CEO. The options will be exercisable between 1 and 8
years from the date of grant. Half of the awarded options will vest
over three years with the remainder vesting on the achievement of
milestones including the completion of the Feasibility Study for
the Tulkubash Heap Leach Project, completion of financing for the
Project and the first gold pour.
Robert Benbow now holds 4 million options which represents 1.14%
of the Company's current issued share capital.
Following the grant of the Options the total number of ordinary
shares in the Company under option (excluding warrants) is
36,613,622, representing 10.41 per cent of the current issued share
capital. By 31 December 2017 due to the lapse of existing options
the number of ordinary shares in the Company under option is
expected to represent 8.61% of the current issued share
capital.
Extension of waiver to concert party
On 12 April 2017, the waiver originally granted to members of
the Concert Party (consisting of Labro, Martin Wiwen-Nilsson,
Dominik Dolenec, Abingdon Trust, Willem De Geer and Sarastro) to
acquire shares within a period without triggering a requirement to
make a mandatory offer under the Articles of Chaarat was extended
by three months in respect of 3,527,976 shares. Martin Andersson
(the Chairman of Chaarat) is indirectly beneficially interested in
the majority of the shares in Labro.
The Board, having consulted with the members of the Concert
Party now consider that Dominik Dolenec is no longer a member of
the Concert Party as he has ceased all business associations with
the other members. On 13 June 2017, the Company announced a net
sale by the Concert Party of 528,600 shares, which contained a sale
of 732,600 shares by Mr Dolenec, which failed to settle and was
later cancelled. As a result, 783,622 shares remain available for
purchase by the Concert Party.
The Board (comprising directors other than Martin Andersson and
Martin Wiwen-Nilsson) has agreed to extend the waiver, on expiry,
by a further three months since the ability of the directors to
trade in the period since 12 April has been restricted by a number
of close periods.
The information contained within this announcement is deemed to
constitute inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Enquiries:
Chaarat Gold Holdings
Limited + 44 (0) 20 7499 2612
c/o Central Asia Services info@chaarat.com
Limited
Martin Andersson (Chairman)
Linda Naylor (Company
Secretary)
Numis Securities Limited
John Prior, Paul Gillam
(NOMAD)
James Black (Broker) +44 (0) 20 7260 1000
About Chaarat Gold
Chaarat Gold is an exploration and development company operating
in the Kyrgyz Republic with a large, high grade resource - the
Chaarat Gold Project. The Company's key objective is to become a
low cost gold producer generating significant production from the
development of the Chaarat Gold Project. Chaarat is engaged in an
active community engagement programme to optimise the value of the
Chaarat investment proposition.
1. Details of the person discharging managerial
responsibilities / person closely associated
---- -------------------------------------------------------------------
a) Name Robert Benbow
---- ----------------------------- ------------------------------------
2. Reason for the notification
---- -------------------------------------------------------------------
a) Position / status PDMR
---- ----------------------------- ------------------------------------
b) Initial notification Initial notification
/ amendment
---- ----------------------------- ------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
---- -------------------------------------------------------------------
a) Name Chaarat Gold Holdings Limited
---- ----------------------------- ------------------------------------
b) Legal entity identifier 213800T2A5CV84VTFJ70
---- ----------------------------- ------------------------------------
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 of US$0.01 each
instrument, type
of instrument
----
Identification VGG203461055
code
---- ----------------------------- -------------------- ------------
b) Nature of the Grant of options
transaction
---- ----------------------------- ------------------------------------
c) Currency GBP
---- ----------------------------- ------------------------------------
d) Price(s) and volume(s) Exercise price Volume(s)
---- ----------------------------- ------------------- ------------
16.328 pence 500,000
------------------------------------------------------ ------------
e) Aggregated information
* Aggregated volume 500,000
16.328 pence
GBP81,640
* Aggregated price
* Aggregated total
--------------------------------------------------- -------------------
f) Date of the transaction 10 July 2017
---- ----------------------------- ------------------------------------
g) Place of the transaction Outside a trading venue
---- ----------------------------- ------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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