Galileo Resources PLC Issuance of Director & Employee share options (2055N)
May 18 2020 - 5:53AM
UK Regulatory
TIDMGLR
RNS Number : 2055N
Galileo Resources PLC
18 May 2020
18 May 2020
Galileo Resources Plc
("Galileo" or the "Company")
Issuance of Director & Employee share options
Galileo, the exploration and development mining company ,
announces that options to subscribe for 35,100,000 new ordinary
shares of the Company ("Ordinary Shares") in two tranches of
17,550,000 Ordinary Shares each were granted on 15 May 2020 to the
directors of the Company and key officers and employees at an
exercise price of 1.30 pence and 1.80 pence per Ordinary Share
respectively, all of which vest immediately. The options have a
term of five years and any unexercised options will expire at
midnight 10 May 2025.
The options announced today will result in a net increase of
35,100,000 options held by Directors, officers and employees of the
Company. Subsequent to this grant, a total of 44,800,000 share
options are held by the Company's current Directors, officers and
employees representing approximately 8.0% of the Company's fully
diluted share capital outstanding. All outstanding options held by
current Directors, officers and employees, other than those
included in this grant, have an exercise price of 1.85 pence per
share.
The Board approved the issuance of these share option grants to
incentivise and retain key Directors, officers and employees
critical to enhancing the future market value of the Company and
notes the significant premium of the respective exercise prices
relative to the current share price. The Board considered both
historical practices and on-going funding requirements in this
regard
The option exercise prices in the two tranches are at
approximately 53% and 112% premiums respectively to the closing
mid-market price as at 15 May 2020.
The grants made to the directors are as follows:
Tranche 1 Tranche 2 Tranches
1 &2
Director Number Exercise Number Exercise Vesting Option
of Options price of Options price Expiry
pence pence
------------ --------- ------------ --------- ---------- ---------
Colin Bird 7,500,000 1.30 7,500,000 1.80 Immediate 10/05/25
------------ --------- ------------ --------- ---------- ---------
Andrew Sarosi 4,000,000 1.30 4,000,000 1.80 Immediate 10/05/25
------------ --------- ------------ --------- ---------- ---------
Richard
Wollenberg 750,000 1.30 750,000 1.80 Immediate 10/05/25
------------ --------- ------------ --------- ---------- ---------
Christopher
Molefe 500,000 1.30 500,000 1.80 Immediate 10/05/25
------------ --------- ------------ --------- ---------- ---------
Non directors 4,800,0000 1.30 4,800,0000 1.80 Immediate 10/05/25
------------ --------- ------------ --------- ---------- ---------
Total 17,550,000 17,550,000
------------ --------- ------------ --------- ---------- ---------
Following the implementation of the above option grant, the
directors will hold the following options over Ordinary Shares:
Director Number of Ordinary Option exercise price
Shares to which the pence
options relate
Coin Bird 5,000,000 1.85
--------------------- ----------------------
7,500,000 1.30
--------------------- ----------------------
7,500,000 1.80
--------------------- ----------------------
Andrew Sarosi 3,000,000 1.85
--------------------- ----------------------
4,000,000 1.30
4,000,000 1.80
--------------------- ----------------------
Richard Wollenberg 750,000 1.85
750,000 1.30
750,000 1.80
--------------------- ----------------------
Christopher Molefe 250,000 1.85
500,000 1.30
500.000 1.80
--------------------- ----------------------
Colin Bird Chairman said "We believe option compensation aligns
the interests of management and shareholders and is a crucial
motivational and retention tool in light of the Company's liquidity
constraints. They are particularly important now that we have
agreed to acquire a significant number of Cu-Ni-PGE (platinum group
elements) prospecting licences in the increasingly highly regarded
prospective Kalahari Copper and Limpopo Mobile Belts of
Botswana
A copy of this announcement is available on the Company's
website www.galileoresources.com .
You can also follow Galileo on Twitter: @GalileoResource.
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact: Galileo Resources
PLC
Colin Bird, Chairman Tel +44 (0) 20 7581
Andrew Sarosi, Executive Director 4477
Tel +44 (0) 1752 221937
Beaumont Cornish Limited - Nomad Tel +44 (0) 20 7628
Roland Cornish/James Biddle 3396
--------------------------
Novum Securities Limited - Joint
Broker
Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
--------------------------
Shard Capital Partners LLP - Tel +44 (0) 20 7186
J oint Broker 9952
Damon Heath
--------------------------
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END
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