REG - East Star Resources - Issue of Performance Shares to CEO

East Star ResourcesAnnouncement

15/07/2024 13:00

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RNS Number : 4446W  East Star Resources PLC  15 July 2024

15 July 2024

East Star Resources Plc

("East Star" or the "Company")

Issue of Performance Shares to CEO

 

East Star Resources Plc (LSE:EST), the Kazakhstan focused copper exploration
and resource development company, announces the issuance of 31,874,202
ordinary shares of 1 pence each ("Ordinary Shares") to Alex Walker, Chief
Executive Officer of the Company (the "AW Performance Shares") pursuant to the
achievement of the Mineral Resource Estimate performance threshold announced
on 8 July 2024. The AW Performance Shares are expected to be admitted to
trading on or around 16 July 2024.

 

At this time, only the 31,874,202 Performance Shares due to Mr Walker, being a
director and employee of the Company are to be issued.

 

The balance of 43,125,798 Performance Shares also due to be issued to the DVK
Vendors (as defined in the 8 July 2024 announcement) will now only be issued
at such time in the future when the Company has all necessary approvals to
admit them to trading, which, inter-alia, is likely to require the publication
of an approved Prospectus.

 

Sandy Barblett, East Star Chairman, commented:

 

"Alex Walker and the team have done a tremendous job in establishing a large
copper JORC Inferred Mineral Resource at Verkhuba which is now the subject of
third-party interest. We are pleased that this performance milestone has been
achieved and believe it is just the first of a number of future successes to
come from the Company's copper strategy. As outlined above, the balance of the
Performance Shares will be issued to the remaining DVK Vendors - a highly
supportive, long-term group of investors - in due course."

 

Following the allotment and admission of the 31,874,202 Performance Shares, Mr
Walker, holds a total of 53,153,403 Ordinary Shares representing 21.12 percent
of the enlarged share capital.

 

Admission of Shares and Total Voting Rights and Warrants

An application has been made for the AW Performance Shares, which will rank
pari passu with the existing ordinary shares in issue, to be admitted to
trading on the Official List of the UK Listing Authority and to trading on the
Main Market of London Stock Exchange plc ("Admission"). It is anticipated that
Admission will become effective and that dealings in the ordinary shares will
commence at 8.00 a.m. on or around 16 July 2024.

Following Admission, the Company will have 251,724,699 ordinary shares in
issue. The Company does not hold shares in treasury, therefore the figure of
251,724,699 should be used by shareholders for the calculations by which they
will determine if they are required to notify their interest in, or a change
of their interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.

 

East Star Resources Plc

Alex Walker, Chief Executive Officer

Tel: +44 (0)20 7390 0234 (via Vigo Consulting)

 

SI Capital (Corporate Broker)

Nick Emerson

Tel: +44 (0)1483 413 500

 

Peterhouse Capital Limited (Corporate Broker)

Peter Greensmith

Tel: +44 (0) 20 7469 0930

 

Vigo Consulting (Investor Relations)

Ben Simons / Peter Jacob

Tel: +44 (0)20 7390 0234

 

About East Star Resources Plc

 

East Star Resources is focused on the discovery and development of strategic
minerals required for the energy revolution. With eight licences covering
>1,000 km² in three mineral rich districts of Kazakhstan, East Star is
undertaking an intensive exploration programme, applying modern geophysics to
discover minerals in levels that were not previously explored. East Star's
most advanced project is a copper deposit on the world-class Rudny Altai VMS
Belt where the Company is working towards the delivery of a JORC compliant
open pit copper resource close to infrastructure, within trucking distance of
third-party mills with excess capacity. East Star's management are based
permanently on the ground, supported by local expertise, a joint venture with
the state mining company on certain projects, and grant funding from BHP
through the BHP Xplor programme for copper porphyry exploration.

 

Visit our website:

www.eaststarplc.com (http://www.eaststarplc.com)

 

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/east-star-resources/
(https://www.linkedin.com/company/east-star-resources/)

 

X (formerly Twitter): https://twitter.com/EastStar_PLC
(https://twitter.com/EastStar_PLC)

 

Subscribe to our email alert service to be notified whenever East Star
releases news:

 

www.eaststarplc.com/newsalerts (http://www.eaststarplc.com/newsalerts)

 

The person who arranged for the release of this announcement was Alex Walker,
CEO of the Company.

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the
publication of this announcement, this inside information (as defined in UK
MAR) is now considered to be in the public domain.

 

Appendix

 

Director's Subscription - Additional Information

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Alexander Casey Walker
 2   Reason for the notification
 a)  Position/status                                              Chief Executive Officer
 b)  Initial notification/Amendment                               Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         East Star Resources PLC
 b)  LEI                                                          2138001Y6SMQC8DX2B40
 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 1 pence per share par value

     Identification code

                                                                  GB00BN92HZ16
 b)  Nature of the transaction                                    Issue of shares
 c)  Price(s) and volume(s)                                       Price(s)   Volume(s)
                                                                  5pence *  31,874,202
                                                                   * being the initial consideration price on the acquisition of DVK in January
                                                                  2022.

 * being the initial consideration price on the acquisition of DVK in January
                                                                  2022.
 d)  Aggregated information

- Aggregated volume

     - Price                                                      As above

                                                                  As above
 e)  Date of the transaction                                      16 July 2024
 f)  Place of the transaction                                     Outside a trading venue

 * being the initial consideration price on the acquisition of DVK in January
2022.

d)

Aggregated information

 -  Aggregated volume
 -  Price

 

As above

As above

e)

Date of the transaction

16 July 2024

f)

Place of the transaction

Outside a trading venue

 

 

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