REG - Blencowe Resources - Issue of Options

Blencowe ResourcesAnnouncement

27/10/2022 11:15

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RNS Number : 3541E  Blencowe Resources PLC  27 October 2022

Date: 27 October
2022

Blencowe Resources Plc

("Blencowe" or the "Company")

 

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.

For further information please contact:

 

   Blencowe Resources Plc   www.blencoweresourcesplc.com

 Sam Quinn                  Tel: +44 (0)1624 681 250

                            info@blencoweresourcesplc.com

 Investor Relations         Tel: +44 (0) 7891 677 441

 Sasha Sethi                sasha@flowcomms.com (mailto:sasha@flowcomms.com)

 Tavira Securities          Tel: +44 (0)20 7100 5100

 Jonathan Evans             jonathan.evans@tavirasecurities.com

 First Equity Limited       Tel: +44(0)20 7330 1833

 Jason Robertson            jasonrobertson@firstequitylimited.com

Twitter https://twitter.com/BlencoweRes (https://twitter.com/BlencoweRes)

 

LinkedIn https://www.linkedin.com/company/72382491/admin/
(https://www.linkedin.com/company/72382491/admin/)

 

Background

Orom-Cross is a potential world class graphite project both by size and
end-product quality, with a high component of more valuable larger coarse
flakes within the deposit. A 21-year Mining Licence for the project was issued
by the Ugandan Government in 2019 following extensive historical work on the
deposit and Blencowe is moving through the Feasibility Study phase as it
drives towards first production targeted for 2023.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden
JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 6.0% Total
Graphite Content. Development of the resource is expected to benefit from a
low strip ratio and free dig operations, thereby ensuring lower operating and
capital costs.

 

 

 

The Notification of Dealing Form provided in accordance with the requirements
of the Market Abuse Regulation in relation to the transaction listed above is
set out below.

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         1.     Cameron Pearce

                                                                   2.     Mike Ralston

                                                                   3.     Alexander Passmore

                                                                   4.     Lionshead Consultants (S Quinn)

                                                                   5.     Iain Wearing
 2    Reason for the notification

 a)   Position/status                                              1.     Director

                                                                   2.     Manager

                                                                   3.     Director

                                                                   4.     Director

                                                                   5.     Manager
 b)   Initial notification /Amendment                              Initial Notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Blencowe Resources PLC

 b)   LEI                                                          213800UXIHBIRK36GG11

 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

      Identification code                                          GB00BFCMVS34

 b)   Nature of the transaction                                    Share Options

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     1.     0.05       1,000,000

                                                                                     2.     0.05       1,500,000

                                                                                     3.     0.05       500,000

                                                                                     4.     0.05       1,000,000

                                                                                     5.     0.05       1,000,000

 d)   Aggregated information

      - Aggregated volume                                          N/A

      - Price                                                      £0.05

 e)   Date of the transaction                                      27/10/2022

 f)   Place of the transaction                                     London Stock Exchange

 

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