TIDMKOD
RNS Number : 9506J
Kodal Minerals PLC
27 August 2021
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Grant of Performance Share Rights and Share Options
Kodal Minerals, the mineral exploration and development company
focused on the Bougouni Lithium Project in Mali ("Bougouni
Project") and its gold assets in West Africa, announces the grant
of Performance Share Rights and Share Options to certain directors
and senior management (the "Management Incentive Awards").
Background to the Management Incentive Awards
The Company's Remuneration Committee has decided to implement a
new incentive plan for management aligned with the Group's
objectives and to drive shareholder value. The Board is mindful of
conserving cash while the Company is in an exploration and
development phase and the Remuneration Committee considers that the
Management Incentive Awards are an appropriate means of
incentivising directors and senior management.
It is noted that in light of the highly uncertain economic
climate and the risks to the business arising from the Covid
pandemic, together with the Company's limited working capital which
is focused on asset/project development, in April 2020 certain
directors and senior management agreed to receive shares in the
Company in lieu of their accrued but unpaid salaries and fees for
the previous six months. In addition, over the first seven months
of the 2021 financial year certain directors agreed to forego part
of their salaries and fees.
Award of Performance Share Rights
Performance Share Rights of up to 175,000,000 new ordinary
shares of 0.03125p each in the Company ("New Ordinary Shares"),
representing approximately 1.1 per cent. of the Company's current
issued share capital, have been awarded to Bernard Aylward (CEO)
and Mohamed Niare (Country Manager, Mali).
The Performance Share Rights carry vesting conditions that are
linked to achievement of milestones critical to the development of
the Bougouni Project and which are expected to realise significant
value for shareholders and are as follows:
1) Award of mining licence;
2) Securing the finance for construction of the Bougouni mine; and
3) First commercial production from the Bougouni Project.
Subject to the vesting conditions being satisfied, the holders
of the Performance Share Rights may call for the applicable number
of New Ordinary Shares, as set out in the table below, to be issued
to them at any time within five years of the vesting condition
being met and upon payment by them of the nominal value for the New
Ordinary Shares.
The number of New Ordinary Shares that can be issued is capped
at a monetary value of the shares around the time the milestone is
achieved, as set out in the table below. Accordingly, the final
number of New Ordinary shares that may be issued following each
vesting criteria being met will be calculated using the 10 day VWAP
(volume weighted average price) of the Company's shares over the
period of five business days prior to the vesting criteria being
satisfied and the subsequent five business days.
Performance Share Rights over New Ordinary
Shares
Vesting criteria Bernard Aylward Mohamed Niare
--------------------------- ------------------------
Award of mining licence Up to 30 million Up to 10 million New
New Ordinary Shares Ordinary Shares
(capped at value (capped at value on
on vesting of GBP300,000) vesting of GBP100,000)
--------------------------- ------------------------
Securing the finance Up to 40 million Up to 10 million New
for construction of New Ordinary Shares Ordinary Shares
the Bougouni mine (capped at value (capped at value on
on vesting of GBP400,000) vesting of GBP100,000)
--------------------------- ------------------------
First commercial production Up to 75 million Up to 10 million New
from the Bougouni Project New Ordinary Shares Ordinary Shares
(capped at value (capped at value on
on vesting of GBP750,000) vesting of GBP100,000)
--------------------------- ------------------------
Total Up to 145 million Up to 30 million New
New Ordinary Shares Ordinary Shares
(capped at value (capped at value on
on vesting of GBP1.45m) vesting of GBP300,000)
--------------------------- ------------------------
In the event of a change of control of the Company, 50 per cent.
of any unvested Performance Share Rights will vest immediately,
provided that the Company's share price at the time of the change
of control exceeds 0.34 pence, being the share price when the
awards were made.
Grant of Share Options
Options over New Ordinary Shares have been granted to Robert
Wooldridge (Chairman) and Qingtao Zeng (Non-Executive Director) as
set out in the table below. The Options are exercisable at 0.36
pence per share, with 50 per cent. of the Options vesting
immediately and the remaining 50 per cent. vesting in two equal
tranches on the first and second anniversaries of the grant. All
unvested options will vest immediately on a change of control of
the Company. The Options recognise these Directors' commitment to
the Company in respect of foregone fees as detailed above and
considerable additional work undertaken over the past two
years.
Director Number of Options granted
Robert Wooldridge 30,000,000
--------------------------
Qingtao Zeng 15,000,000
--------------------------
Related party transaction
The granting of the Options and the Performance Share Rights to
the above persons is deemed a related party transaction pursuant to
rule 13 of the AIM Rules for Companies. Accordingly, Charles
Joseland, the director independent of this transaction, considers,
having consulted with the Company's nominated adviser, that the
terms of the transaction are fair and reasonable insofar as
shareholders are concerned.
The notification below, which has been made in accordance with
the requirements of the UK Market Abuse Regulation, provides
further details.
For further information, please visit www.kodalminerals.com or
contact the following:
Kodal Minerals plc
Bernard Aylward, CEO Tel: +61 418
943 345
Allenby Capital Limited, Nominated Adviser
Jeremy Porter/Nick Harriss/Liz Kirchner Tel: 020 3328
5656
SP Angel Corporate Finance LLP, Financial
Adviser & Broker Tel: 020 3470
John Mackay, Adam Cowl 0470
St Brides Partners Ltd, Financial PR
Susie Geliher/Cosima Akerman Tel: 020 7236
1177
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Bernard Aylward
--------------------------- -----------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------- -----------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name Kodal Minerals plc
--------------------------- -----------------------------------
b) LEI 213800VKFS7TS32EGI81
--------------------------- -----------------------------------
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 ordinary shares of 0.03125p
financial instrument,
type of instrument GB00BH3X7Y70
Identification code
--------------------------- -----------------------------------
b) Nature of the transaction Grant of Performance Share Rights
in respect of Ordinary Shares
--------------------------- -----------------------------------
c) Price(s) and volume(s) Price: 0.03125 p
Volume: 145,000,000
--------------------------- -----------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
--------------------------- -----------------------------------
e) Date of the transaction 26 August 2021
--------------------------- -----------------------------------
f) Place of the transaction Outside of a trading venue
--------------------------- -----------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name PDMRs:
Robert Wooldridge - Non-Executive
Chairman
Qingtao Zeng - Non-Executive
Director
-------------------------- ------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status See 1a) above
-------------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Kodal Minerals plc
-------------------------- ------------------------------------------
b) LEI 213800VKFS7TS32EGI81
-------------------------- ------------------------------------------
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 ordinary shares of 0.03125p
financial instrument,
type of instrument GB00BH3X7Y70
Identification code
-------------------------- ------------------------------------------
b) Nature of the transaction Grant of options over Ordinary
Shares
-------------------------- ------------------------------------------
c) Price(s) and volume(s) Price: 0.36 p
Volumes: Robert Wooldridge 30,000,000
Qingtao Zeng 15,000,000
-----------
-------------------------- ------------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
-------------------------- ------------------------------------------
e) Date of the transaction 26 August 2021
-------------------------- ------------------------------------------
f) Place of the transaction Outside of a trading venue
-------------------------- ------------------------------------------
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