REG - ECR Minerals PLC - Grant of share options to Directors & staff
06/12/2024 14:30
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RNS Number : 1986P ECR Minerals PLC 06 December 2024
6 December 2024
ECR MINERALS PLC
("ECR Minerals", "ECR" or the "Company")
Grant of share options to Directors and staff members
ECR Minerals PLC (AIM: ECR), the gold exploration and development company
focused on Australia, announces the grant of options ("Options") to directors
of the Company and certain staff members to subscribe for a total of
210,000,000 new ordinary shares of 0.001 pence each in the Company ("Ordinary
Shares").
Each Option provides the holder with the right to receive one new Ordinary
Share on its exercise. 157,500,000 of the Options were granted with an
exercise price of 0.50 pence per new Ordinary Share and 52,500,000 of the
Options were granted with an exercise price of 0.75 pence per new Ordinary
Share, representing a premium of approximately 61 per cent. and approximately
142 per cent. respectively to the mid-market closing price of 0.31 pence per
Ordinary Share on 5 December 2024.
The Options in aggregate will represent 9.58 per cent of the Company's
enlarged share capital following completion of the Company's subscription as
originally announced on 25 November 2024. The Options are exercisable over
five years from the date of grant, which is considered to provide a clear
incentive for management and staff members to contribute to ECR's long-term
success. The Options will expire on the fifth anniversary of the date of grant
if not exercised.
In making this award the Remuneration Committee noted that the Company's
directors and other members of the team have taken the majority of their
remuneration over the last 15 months in Ordinary Shares, demonstrating a
strong commitment to the Company's growth. The Remuneration Committee
considered that these awards of Options offer significant incentive and
alignment with shareholders as a whole in relation to ECR's future success,
for which the Board believes the Company is well positioned, supported by its
robust operational progress and strategic developmental activities. The
Remuneration Committee also noted that the Company's market capitalisation has
more than doubled from 15 September 2023, being the date of the appointment of
the new management team.
The Options form part of a new share option scheme and the Company intends to
consider option awards on an annual basis but is making these one-off awards
now given the significant milestones recently achieved.
The following awards have been made:
Name Title Options exercisable at 0.50p Options exercisable at 0.75p
Nick Tulloch Chairman 52,500,000 17,500,000
Mike Whitlow Managing Director 52,500,000 17,500,000
Andrew Scott Non-executive Director 30,000,000 10,000,000
Trevor Davenport Non-executive Director 7,500,000 2,500,000
Other staff members, including Chief Geologist Adam Jones n/a 15,000,000 5,000,000
The FCA notification, made in accordance with the requirements of the UK
Market Abuse Regulation is appended below.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals Plc Tel: +44 (0) 1738 317 693
Nick Tulloch, Chairman
Andrew Scott, Director
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
(http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=51817334&newsitemid=20180605005810&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=820ad49dc1fc2c84a0538453c017bc1b)
Allenby Capital Limited Tel: +44 (0) 3328 5656
Nominated Adviser info@allenbycapital.com (mailto:info@allenbycapital.com)
Nick Naylor / Alex Brearley / Vivek Bhardwaj
Axis Capital Markets Limited Tel: +44 (0) 203 026 0320
Broker
Ben Tadd / Lewis Jones
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR's wholly
owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") has 100%
ownership of the Bailieston and Creswick gold projects in central Victoria,
Australia, has six licence applications outstanding which includes one licence
application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd ("LUX")
which has three approved exploration permits covering 946 km2 over a
relatively unexplored area in Lolworth Range, Queensland, Australia. The
Company has also submitted a license application at Kondaparinga which is
approximately 120km2 in area and located within the Hodgkinson Gold
Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in
Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the
subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd
(TSX-V: LVX), MGA has the right to receive up to A$2 million in payments
subject to future resource estimation or production from projects sold to
Fosterville South Exploration Limited.
MGA also has approximately A$75 million of unutilised tax losses incurred
during previous operations.
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Name Position
Nick Tulloch Chairman
Mike Whitlow Managing Director
Andrew Scott Non-Executive Director
Trevor Davenport Non-Executive Director
2 Reason for the notification
a) Position/status See above
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name ECR Minerals plc
b) LEI 213800PBXY96KXHISJ17
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 0.001p each in ECR Minerals plc
Identification code Identification code (ISIN) for ECR Minerals plc ordinary shares: GB00BYYDKX57
b) Nature of the transaction Grant of Options over Ordinary Shares
c) Price(s) and volume(s) Name Price(s) Volume(s)
Nick Tulloch 0.50 pence 52,500,000
Mike Whitlow 0.50 pence 52,500,000
Andrew Scott 0.50 pence 30,000,000
Trevor Davenport 0.50 pence 7,500,000
Nick Tulloch 0.75 pence 17,500,000
Mike Whitlow 0.75 pence 17,500,000
Andrew Scott 0.75 pence 10,000,000
Trevor Davenport 0.75 pence 2,500,000
d) Aggregated information: N/A
- Aggregated volume
- Price
e) Date of the transaction 6 December 2024
f) Place of the transaction Outside a trading venue
2
Reason for the notification
a)
Position/status
See above
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
ECR Minerals plc
b)
LEI
213800PBXY96KXHISJ17
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
Identification code
Options over Ordinary shares of 0.001p each in ECR Minerals plc
Identification code (ISIN) for ECR Minerals plc ordinary shares: GB00BYYDKX57
b)
Nature of the transaction
Grant of Options over Ordinary Shares
c)
Price(s) and volume(s)
Name Price(s) Volume(s)
Nick Tulloch 0.50 pence 52,500,000
Mike Whitlow 0.50 pence 52,500,000
Andrew Scott 0.50 pence 30,000,000
Trevor Davenport 0.50 pence 7,500,000
Nick Tulloch 0.75 pence 17,500,000
Mike Whitlow 0.75 pence 17,500,000
Andrew Scott 0.75 pence 10,000,000
Trevor Davenport 0.75 pence 2,500,000
d)
Aggregated information:
- Aggregated volume
- Price
N/A
e)
Date of the transaction
6 December 2024
f)
Place of the transaction
Outside a trading venue
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