29 August 2024
Issue of
Shares due to existing option exercise and grant of Share
Options
Zanaga Iron Ore Company Limited
("ZIOC" or the "Company") (AIM: ZIOC) announces that the Company
has issued new ordinary shares of no par value in in the Company
("Ordinary Shares") in relation to the exercise of existing share
options by former management, and has granted new share options to
the Company's Chief Executive Officer ("CEO").
Further details on the Company's
share issuance, and option award, are provided below:
1) Share issuance (the "Equity
Issue"):
a. Issue of
2,000,000 new Ordinary Shares to a former management employee, upon
the exercise of options, which had already vested, under the
Company's long term incentivization plan ("LTIP")
2)
Grant of new options to CEO (the "New Options")
a. As part of the Company's
intention to incentivise management, the Board of ZIOC has granted
share options in respect of 1,500,000 shares in the Company to the
CEO, Mr Martin Knauth, at an exercise price of 0.01 pence per
share, with the following vesting conditions:
i. 500,000 of the shares would vest and become
capable of exercise immediately
ii. 1,000,000 of the shares would vest and become
capable of exercise on 1 November 2024.
Admission
An application for the admission to
trading on the AIM Market of the London Stock Exchange of the new
Ordinary Shares to be issued pursuant to the Equity Issue has been
made and the 2,000,000 new Ordinary Shares are expected to be
admitted to trading on AIM on or around 3 September 2024.
These shares will rank pari passu with the
Company's existing Ordinary Shares from their date of issue. The
Company does not hold any shares in treasury. Following admission
of these new Ordinary Shares, the total number of Ordinary Shares
and voting rights in the Company will be
675,793,471.
This figure of 675,793,471
Ordinary Shares may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Following the grant of the New
Options and the exercise of options described in this announcement,
the Company will have 6,903,675 Options outstanding.
Clifford Elphick, Chairman of ZIOC
commented:
"Marty has played an instrumental
role in delivering an update cost estimate for the Zanaga Project
and advancing progress with potential Strategic Investors. The ZIOC
Board has unanimously agreed to the granting of share options and
is delighted with Marty's efforts to date, and expect to see his
efforts delivering meaningful outcomes in due course."
The Zanaga Iron Ore Company Limited
LEI number is 21380085XNXEX6NL6L23.
For further information, please
contact:
Zanaga Iron Ore
Corporate Development
and
Andrew Trahar
Investor Relations
Manager
+44 20 7399 1105
Panmure Liberum Limited
Nominated Adviser,
Financial
Scott Mathieson, John More
Adviser and Corporate Broker
+44
20 3100 2000
Shard Capital Partners LLP
Corporate
Broker
Damon Heath
+44 207 186 9952