TSX: ASO
AIM: ASO
TORONTO, Dec. 15, 2017 /CNW/ - Avesoro Resources Inc.,
("Avesoro" or the "Company"), the TSX and AIM listed West African
gold producer, announces that, pursuant to its Stock Option Plan,
it has granted incentive stock options to certain directors and
employees of the Company as part of its annual stock option
incentive programme. The stock options were granted on 15 December 2017 over a total of 109,000,000
common shares, representing approximately 2% of the issued share
capital of the Company at an exercise price of 1.95p per share,
being equal to the closing price of the common shares on 14
December 2017 on AIM. The stock options vest and become
exercisable as to 50% on the first anniversary of grant and 50% on
the second anniversary of grant, except for those granted to the
Non-Executive Directors, which vest and become exercisable as to
50% on grant and 50% on the first anniversary of grant. The stock
options issued are capable of being exercised up to
14 December 2022. Following this award of options, the
total number of shares under option is currently 231,287,854
representing approximately 4.3% of the Company's issued share
capital.
The allocation of stock options to Persons Discharging
Managerial Responsibilities was as follows:
Director
|
Position
|
New
Options Issued
|
Total
Options
Held
|
Current
Shareholding
in Avesoro Resources
Inc.*
|
Current
Shareholding
as
percentage of Current
Issued Share Capital
|
Serhan
Umurhan
|
CEO &
Director
|
13,500,000
|
36,200,000
|
8,010,000
(directly held)
117,366,673
(indirectly
held)
|
0.15%
(directly
held)
2.20%
(indirectly
held)
|
Geoff Eyre
|
CFO &
Director
|
12,500,000
|
31,250,000
|
2,720,000
|
0.05%
|
David
Netherway
|
Non-Executive
Director
|
4,000,000
|
12,100,000
|
431,454
|
<0.01%
|
Jean-Guy
Martin
|
Non-Executive
Director
|
4,000,000
|
10,550,000
|
99,382
|
<0.01%
|
Loudon
Owen
|
Non-Executive
Director
|
4,000,000
|
10,225,000
|
99,593
|
<0.01%
|
*Note: Mr Umurhan and Mr Eyre are both directors of Avesoro
Jersey Limited which holds
3,912,222,429 Shares
representing 73.5% of the Company's issued and outstanding
Shares.
The information below, set out in accordance with the
requirements of the EU Market Abuse Regulation, provides further
detail on the grant of options to PDMRs.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name
|
Serhan
Umurhan
|
2
|
Reason for the
notification
|
a)
|
Position/status
|
Director and Chief
Executive Officer
|
b)
|
Initial notification/
Amendment
|
Initial
notification
|
3
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
a)
|
Name
|
Avesoro Resources
Inc.
|
b)
|
LEI
|
213800EXV9AU2DOCYC52
|
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
|
Stock options over
common shares
ISIN for Avesoro
Resources Inc. common shares: CA0515471070
|
b)
|
Nature of the
transaction
|
Grant of stock
options
|
c)
|
Price(s) and
volume(s)
|
Price(s)
|
Volume(s)
|
1.95p
|
13,500,000
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
13,500,000
£263,250.00
|
e)
|
Date of the
transaction
|
15 December
2017
|
f)
|
Place of the
transaction
|
Off market
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name
|
Geoff
Eyre
|
2
|
Reason for the
notification
|
a)
|
Position/status
|
Director and Chief
Financial Officer
|
b)
|
Initial notification/
Amendment
|
Initial
notification
|
3
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
a)
|
Name
|
Avesoro Resources
Inc.
|
b)
|
LEI
|
213800EXV9AU2DOCYC52
|
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
|
Stock options over
common shares
ISIN for Avsesoro
Resources Inc. common shares: CA0515471070
|
b)
|
Nature of the
transaction
|
Grant of stock
options
|
c)
|
Price(s) and
volume(s)
|
Price(s)
|
Volume(s)
|
1.95p
|
12,500,000
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
12,500,000
£243,750.00
|
e)
|
Date of the
transaction
|
15 December
2017
|
f)
|
Place of the
transaction
|
Off market
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name
|
David
Netherway
|
2
|
Reason for the
notification
|
a)
|
Position/status
|
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
|
Avesoro Resources
Inc.
|
b)
|
LEI
|
213800EXV9AU2DOCYC52
|
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
|
Stock options over common shares
ISIN for Avsesoro
Resources Inc. common shares: CA0515471070
|
b)
|
Nature of the
transaction
|
Grant of stock
options
|
c)
|
Price(s) and
volume(s)
|
Price(s)
|
Volume(s)
|
1.95p
|
4,000,000
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
4,000,000
£78,000
|
e)
|
Date of the
transaction
|
15 December
2017
|
f)
|
Place of the
transaction
|
Off market
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name
|
Jean-Guy
Martin
|
2
|
Reason for the
notification
|
a)
|
Position/status
|
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
|
Avesoro Resources
Inc.
|
b)
|
LEI
|
213800EXV9AU2DOCYC52
|
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
|
Stock options over
common shares
ISIN for
Avsesoro Resources Inc. common shares: CA0515471070
|
b)
|
Nature of the
transaction
|
Grant of stock
options
|
c)
|
Price(s) and
volume(s)
|
Price(s)
|
Volume(s)
|
1.95p
|
4,000,000
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
4,000,000
£78,000
|
e)
|
Date of the
transaction
|
15 December
2017
|
f)
|
Place of the
transaction
|
Off market
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name
|
Loudon
Owen
|
2
|
Reason for the
notification
|
a)
|
Position/status
|
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
|
Avesoro Resources
Inc.
|
b)
|
LEI
|
213800EXV9AU2DOCYC52
|
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
|
Stock options over
common shares
ISIN for Avsesoro
Resources Inc. common shares: CA0515471070
|
b)
|
Nature of the
transaction
|
Grant of stock
options
|
c)
|
Price(s) and
volume(s)
|
Price(s)
|
Volume(s)
|
1.95p
|
4,000,000
|
d)
|
Aggregated
information
- Aggregated volume
- Price
|
4,000,000
£78,000
|
e)
|
Date of the
transaction
|
15 December
2017
|
f)
|
Place of the
transaction
|
Off market
|
About Avesoro Resources Inc.
Avesoro Resources is a West
Africa focused gold producer and development company that
operates three gold mines across West
Africa and is listed on the Toronto Stock Exchange ("TSX")
and the AIM market operated by the London Stock Exchange ("AIM").
The Company's assets include the New Liberty Gold Mine in
Liberia (the "New Liberty Gold
Mine" or "New Liberty") and the Youga and Balogo Gold Mines in
Burkina Faso ("Youga" and
"Balogo").
New Liberty has an estimated proven and probable mineral reserve
of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an
estimated measured and indicated mineral resource of 9.6Mt with
985,000 ounces of gold grading 3.2g/t and an estimated inferred
mineral resource of 6.4Mt with 620,000 ounces of gold grading
3.0g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in an NI 43-101 compliant Technical Report dated 1 November 2017 and entitled "New Liberty Gold
Mine, Bea Mountain Mining Licence Southern Block, Liberia, West
Africa" and is available on SEDAR at www.sedar.com.
Youga and Balogo have a combined estimated proven and probable
mineral reserve of 9.3Mt with 513,000 ounces of gold grading 1.7g/t
and a combined estimated indicated mineral resource of 16.05Mt with
801,600 ounces of gold grading 1.55g/t and a combined inferred
mineral resource of 13Mt with 655,000 ounces of gold grading
1.57g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in two NI 43-101 compliant Technical Reports, dated
16 June 2017 entitled "Mineral
Resource and Mineral Reserve Update for the Balogo Project" and
dated 19 June 2017 and entitled
"Mineral Resource and Mineral Reserve Update for the Youga and
Ouaré Projects" and are available on SEDAR at www.sedar.com.
For more information, please visit www.avesoro.com
Qualified Persons
The Company's Qualified Person is Mark
J. Pryor, who holds a BSc (Hons) in Geology & Mineralogy
from Aberdeen University, United Kingdom and is a Fellow of the
Geological Society of London, a
Fellow of the Society of Economic Geologists and a registered
Professional Natural Scientist (Pr.Sci.Nat) of the South African
Council for Natural Scientific Professions. Mark Pryor is an independent technical
consultant with over 25 years of global experience in exploration,
mining and mine development and is a "Qualified Person" as defined
in National Instrument 43 -101 "Standards of Disclosure for Mineral
Projects" of the Canadian Securities Administrators and has
reviewed and approved this announcement.
SOURCE Avesoro Resources Inc.