REG - Galileo Resources - Issue of Options

Galileo ResourcesAnnouncement

28/07/2022 10:45

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RNS Number : 0872U  Galileo Resources PLC  28 July 2022

28 July 2022

 

Galileo Resources Plc
("Galileo" or the "Company")

 

Issuance of Director & Employee share options

Galileo, the exploration and development mining company, announces that
options to subscribe for 39,000,000 new ordinary shares of the Company
("Ordinary Shares") were granted on 27 July 2022 to the directors of the
Company and key officers and employees at an exercise price of 1.35 pence per
share, vesting immediately.  The options have a term of five years and any
unexercised options will expire at midnight on 27 July 2027.

 

The options announced today will result in an increase of 39,000,000 options
held by Directors, officers, and employees of the Company. Subsequent to this
grant, a total of 97,700,000 share options are held by the Company's current
Directors, officers and employees representing approximately 8.80 % of the
Company's fully diluted share capital outstanding.  All outstanding options
held by current Directors, officers, and employees, other than those included
in this grant, have exercise prices ranging between 1.30 and 1.85 pence per
share.

 

The Board approved the issuance of these share option grants to incentivise
and retain key Directors, officers and employees critical to enhancing the
future market value of the Company and notes the significant premium of the
respective exercise prices relative to the current share price. The Board
considered both historical practices and on-going funding requirements in this
regard.

 

The option exercise price is at approximately 45% premium to the closing
mid-market price as at 26 July 2022 of 0.925 pence.

 

 The grants made to the directors are as follows:

 

 Director            Number of Options  Exercise price  Vesting      Option

                     pence                        Expiry
 Colin Bird          15,000,000         1.35            Immediately  27/07/25
 Edward Slowey       5,500,000          1.35            Immediately  27/07/25
 Christopher Molefe  1,000,000          1.35            Immediately  27/07/25
 Joel Silberstein    4,000,000          1.35            Immediately  27/07/25
 Other PDMRs
 Eduard Victor       1,000,000          1.35            Immediately  27/07/25
 Other employees     12,500,000         1.35            Immediately  27/07/25
 Total               39,000,000

 

 

 

 

 

 

 

 

Following the implementation of the above option grant, the directors will
hold the following options over Ordinary Shares:

 

 Director            Number of Ordinary Shares to which the options relate  Option exercise price

                                                                            pence
 Colin Bird          15,000,000                                             1.35
                     7,500,000                                              1.30
                     7,500,000                                              1.80
                     3,500,000                                              1.85
                     3,500,000                                              1.45
 Joel Silberstein    4,000,000                                              1.35
                     1,000,000                                              1.85
                     1,000,000                                              1.45
 Edward Slowey       5,500,000                                              1.35
                     500,000                                                1.30
                     500,000                                                1.80
                     1,500,000                                              1.45

                     1,500,000                                              1.85
 Richard Wollenberg  750,000                                                1.30

                     750,000                                                1.80
                     500,000                                                1.45
                     500,000                                                1.85
 Christopher Molefe  1,000,000                                              1.35

                     500,000                                                1.30

                     500.000                                                1.80
                     300,000                                                1.45
                     300,000                                                1.85

 

 

A copy of this announcement is available on the Company's website
www.galileoresources.com (http://www.galileoresources.com) .

You can also follow Galileo on Twitter: @GalileoResource.

 

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact: Galileo Resources PLC

 

 Colin Bird, Chairman                       Tel +44 (0) 20 7581 4477

 Edward Slowey, Executive Director          Tel +353 (0) 601 4466

 Beaumont Cornish Limited - Nomad           Tel +44 (0) 20 7628 3396

 Roland Cornish/James Biddle
 Novum Securities Limited - Joint Broker    +44 (0) 20 7399 9400

 Colin Rowbury /Jon Belliss
 Shard Capital Partners LLP - Joint Broker  Tel +44 (0) 20 7186 9952

 Damon Heath

 

 

 

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