Issue of Options
Blencowe Resources (LSE:BRES), the natural resources company focussed on the development of the Orom-Cross Graphite Project in Uganda, reports the issue of options (“Options”) to directors and senior management.
Given the stage of development of the Company and to further align Directors and Senior Management with shareholders, the Company now announces the grant of 5 million Options as set out below, at 5p per share, for a period of five years.
Vesting Conditions
These options will not vest unless the share price of the Company trades in excess of 10p per share for 10 consecutive trading days. In addition, the options granted to the CEO and COO will have certain vesting conditions including either the signing of a strategic investor at project level, funding and delivery of a pilot plant, or the completion of a definitive feasibility study.
The Options represent 2.3% of the current issued share capital being 177,929, 950 or 2.5% of the enlarged share capital of 196,679,950 from Monday 31 October 2022 following the recent issue of shares regarding the strategic investment.
|
|
Amount |
Exercise Price * |
|
Mike Ralston (CEO) |
1,500,000 |
£0.05 |
|
Iain Wearing (COO) |
1,000,000 |
£0.05 |
|
Cameron Pearce (Chairman) |
1,000,000 |
£0.05 |
|
Lionshead Consultants Ltd (Sam Quinn) (Non Exec Director) |
1,000,000 |
£0.05 |
|
Alexander Passmore (Non Exec Director) |
500,000 |
£0.05 |
*subject to vesting conditions being satisfied. Share price must be in excess of 10p for 10 consecutive trading days.
Warrants
The Company also notifies that 3m warrants have been issued to a consultant pursuant to a consulting services agreement, which are exercisable at 8p per share, for a period of 3 years, conditional on the delivery of 3 non-binding memorandums of understanding for the sale of graphite concentrate from Orom-Cross.