For immediate release
28
May 2020
Serabi Gold plc
(“Serabi” or the “Company”)Award of Share
Options
The Company announces that on 27 May 2020 the
board of directors of Serabi agreed to award in aggregate 2,050,000
new options over ordinary shares to employees, directors and
officers of the Company. The option grant is part of the Company's
annual compensation review and the issuance is made under the
Serabi 2011 Share Option Plan (the “2011 Plan”) which the Company
adopted on 28 January 2011 and was re-affirmed by shareholders at
the Company’s AGM held on 15 June 2017. The 2011 Plan allows
the Company to issue a number of options up to an aggregate of 10%
of its issued and outstanding common shares.
The options granted will vest in three equal
tranches, with one-third vesting and being exercisable immediately
on award, one-third vesting on the first anniversary of the award
and the remainder vesting on the second anniversary of the award
and the options will lapse three years after the date of the
award.
The options have an exercise price of 85 pence
per share. The pricing of the options represents a three per cent
premium to the London closing price as at 27 May 2020 of 82.5 pence
and a two per cent premium to the London 10 day weighted
average price also as of 27 May 2020. The award represents
3.48% of the current issued share capital of 58,959,551 ordinary
shares.
Options granted to directors of the Company are as
follows:
Director |
Number of new options over Ordinary Shares |
Mike Hodgson |
500,000 |
Clive Line |
350,000 |
Melvyn Williams |
150,000 |
Aquiles Alegria |
100,000 |
Luis Azevedo |
100,000 |
Nicolas Banados |
100,000 |
T Sean Harvey |
100,000 |
Eduardo Rosselot |
100,000 |
Mark Sawyer |
100,000 |
|
1,600,000 |
The following disclosure is made in accordance
with Article 19 of the EU Market Abuse Regulation 596/2014.
1
Details of the person discharging managerial
responsibilities / person closely associated
a)
Name
1. Mike Hodgson
2. Clive Line
3. Melvyn Williams
4. Aquiles Alegria
5. Luis Azevedo
6. Nicolas Banados
7. T. Sean Harvey
8. Eduardo Rosselot
9. Mark Sawyer
2
Reason for the notification
a)
Position/status
1. Chief Executive Officer
2. Finance Director
3. Non-Executive Director
4. Non-Executive Director
5. Non-Executive Director
6. Non-Executive Director
7. Non-Executive Director
8. Non-Executive Director
9. 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
Serabi Gold plc
b)
LEI
213800LTYC1HF9RTUE37
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
Options over Ordinary Shares of 10p each (“Ordinary Shares”)
Identification code
GB00BG5NDX91
b)
Nature of the transaction
Issue of Options over Ordinary Shares
c)
Price(s) and volume(s)
Director |
Price payable on exercise of option |
Volume(s) |
Mike Hodgson |
£0.850 |
500,000 |
Clive Line |
£0.850 |
350,000 |
Melvyn Williams |
£0.850 |
150,000 |
Aquiles Alegria |
£0.850 |
100,000 |
Luis Azevedo |
£0.850 |
100,000 |
Nicolas Banados |
£0.850 |
100,000 |
T Sean Harvey |
£0.850 |
100,000 |
Eduardo Rosselot |
£0.850 |
100,000 |
Mark Sawyer |
£0.850 |
100,000 |
d)
Aggregated information
- Aggregated volume1,600,000 options over Ordinary Shares
- PricePrice payable on exercise of option – UK£0.85001/3
exercisable immediately on award;1/3 vesting on the first
anniversary of the award; and 1/3 vesting on the second anniversary
of the award
e)
Date of the transaction
27 May 2020
f)
Place of the transaction
Outside a trading venue
The person who arranged for the release of this
announcement on behalf of the Company was Clive Line, Director.
Enquiries:
Serabi Gold plc |
|
Michael Hodgson |
Tel: +44 (0)20 7246 6830 |
Chief Executive |
Mobile: +44 (0)7799 473621 |
|
|
Clive Line |
Tel: +44 (0)20 7246 6830 |
Finance Director |
Mobile: +44 (0)7710 151692 |
|
|
Email: contact@serabigold.com |
|
Website: www.serabigold.com |
|
|
|
Beaumont Cornish LimitedNominated Adviser and Financial
Adviser |
|
Roland Cornish |
Tel: +44 (0)20 7628 3396 |
Michael Cornish |
Tel: +44 (0)20 7628 3396 |
|
|
Peel Hunt LLPUK Broker |
|
Ross Allister |
Tel: +44 (0)20 7418 9000 |
|
|
Copies of this announcement are available from
the Company's website at www.serabigold.com.
Neither the Toronto Stock Exchange, nor any
other securities regulatory authority, has approved or disapproved
of the contents of this announcement.
Qualified Persons StatementThe
scientific and technical information contained within this
announcement has been reviewed and approved by Michael Hodgson, a
Director of the Company. Mr Hodgson is an Economic Geologist by
training with over 26 years' experience in the mining industry. He
holds a BSc (Hons) Geology, University of London, a MSc Mining
Geology, University of Leicester and is a Fellow of the Institute
of Materials, Minerals and Mining and a Chartered Engineer of the
Engineering Council of UK, recognising him as both a Qualified
Person for the purposes of Canadian National Instrument 43-101 and
by the AIM Guidance Note on Mining and Oil & Gas Companies
dated June 2009.
Forward Looking
StatementsCertain statements in this announcement are, or
may be deemed to be, forward looking statements. Forward looking
statements are identified by their use of terms and phrases such as
‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’,
‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors’ current expectations
and assumptions regarding the Company’s future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors’ current beliefs
and assumptions and are based on information currently available to
the Directors. A number of factors could cause actual results to
differ materially from the results discussed in the forward looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements.
ENDS
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