REG - Beowulf Mining PLC - Grant of Options

Beowulf MiningAnnouncement

18/04/2024 07:00

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RNS Number : 0505L  Beowulf Mining PLC  18 April 2024

 

18 April 2024

Beowulf Mining plc

         ("Beowulf" or the "Company")

Grant of Options

 

Beowulf (AIM: BEM; Spotlight: BEO) announces that the Board has approved the
award of options granted under the Company's Long-Term Incentive Plan ("LTIP")
to certain directors and senior management as follows:

 

                   Position                                         Number of Options awarded  Total number of Options held
 Ed Bowie          Chief Executive Officer                          50,000,000                 50,000,000
 Rasmus Blomqvist  Managing Director, Grafintec                     20,000,000                 23,500,000
 Johan Röstin      Non-Executive Chairman                           18,000,000                 18,000,000
 Chris Davies      Non-Executive Director                           9,000,000                  11,000,000
 Mikael Schauman   Non-Executive Director                           9,000,000                  9,000,000
 Ismet Krasniqi    Non-Executive Director, Vardar Minerals Limited  6,000,000                  6,000,000
 Other             Employees                                        16,000,000*                16,750,000

 

Note: the Employee options include an option award to Dmytro Siergieiev that
has been approved by the Board but these options will only be granted after
the start of his employment as Project Director at Jokkmokk Iron Mines AB on 1
May 2024

 

The Company's LTIP was established with advice from a leading independent
consultancy specialising in the planning, design, and implementation of
business-driven pay and reward strategies. The LTIP is designed to retain and
incentivise key employees and Directors.

 

The options are exercisable at a price of 0.75 pence per share, vest over
three years, in three equal proportions, a third on each subsequent
anniversary of the date of grant and are valid for 10 years from the date of
grant.

 

This award of options is for a total of 128,000,000 ordinary shares of 0.1
pence each in the capital of the Company, representing approximately 6.6 per
cent of the existing issued share capital. Following the award of the options,
there will be 158,500,000 ordinary shares of 0.1 pence each of the Company
under option to directors, senior management and employees of the Company,
representing 8.2 per cent of the existing issued share capital of the Company.

 

 

 

Enquiries:

 

Beowulf Mining plc

Ed Bowie, Chief Executive Officer
ed.bowie@beowulfmining.com

 

SP Angel

(Nominated Adviser & Joint Broker)

Ewan Leggat / Stuart Gledhill / Adam Cowl         Tel: +44 (0) 20 3470
0470

 

Alternative Resource Capital

(Joint Broker)

Alex
Wood
            Tel: +44 (0) 20 7186 9004

 

BlytheRay

Tim Blythe / Megan Ray
                        Tel: +44 (0) 20 7138 3204

 

 

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's
current plans, estimates, strategies and beliefs, and other statements that
are not historical facts, are forward-looking statements about the future
performance of Beowulf. Forward-looking statements include, but are not
limited to, those using words such as "may", "might", "seeks", "expects",
"anticipates", "estimates", "believes", "projects", "plans", strategy",
"forecast" and similar expressions. These statements reflect management's
expectations and assumptions in light of currently available information. They
are subject to a number of risks and uncertainties, including, but not limited
to , (i) changes in the economic, regulatory and political environments in the
countries where Beowulf operates; (ii) changes relating to the geological
information available in respect of the various projects undertaken; (iii)
Beowulf's continued ability to secure enough financing to carry on its
operations as a going concern; (iv) the success of its potential joint
ventures and alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding any mineral
project at an early stage of its development, the actual results could differ
materially from those presented and forecast in this document. Beowulf assumes
no unconditional obligation to immediately update any such statements and/or
forecast.

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         1)   Ed Bowie

                                                                   2)   Rasmus Blomqvist

                                                                   3)   Rohan Rostin

                                                                   4)   Chris Davies

                                                                   5)   Mikael Schauman

 2    Reason for the notification

 a)   Position/status                                              1)   CEO

                                                                   2)   Managing Director, Grafintec

                                                                   3)   Chairman

                                                                   4)   Non-Executive Director

                                                                   5)   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                                                         Beowulf Mining Plc

 b)   LEI                                                          213800MV3XGAOASPT433

 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  ordinary shares of 0.1p each

      Identification code                                          GB0033163287

 b)   Nature of the transaction                                    Grant of options

 c)   Price(s) and volume(s)                                       1  0.75p  50,000,000
                                                                   2 0.75p  20,000,000
                                                                   3 0.75p  18,000,000
                                                                   4 0.75p  9,000,000
                                                                   5 0.75p  9,000,000
 d)   Aggregated information

      - Aggregated volume                                          Not Applicable

      - Price

 e)   Date of the transaction                                      18 April 2024

 f)   Place of the transaction                                     London Stock Exchange / Spotlight

d)

 

Aggregated information

- Aggregated volume

Not Applicable

 

- Price

e)

 

Date of the transaction

 

 

18 April 2024

f)

 

Place of the transaction

 

 

London Stock Exchange / Spotlight

 

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