REG - GCM Resources PLC - Share issue – Consultants & Director

GCM ResourcesAnnouncement

07/04/2022 17:30

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RNS Number : 7119H  GCM Resources PLC  07 April 2022

7 April 2022

 

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM)

 

Share issue - Consultants & Director

 

Director/PDMR Shareholding

 

GCM Resources plc, an AIM quoted mining and energy company, announces the
issuance of new ordinary shares of 1 pence each in the capital of the Company
("Ordinary Shares") as payment of consulting fees in accordance with the
consultancy agreement announced on 26 October 2018 and extended on 29 June
2020, with Dyani Corporation Limited ("Dyani") (the "Dyani Agreement"), and in
accordance with the consultancy agreement announced on 4 September 2019, with
DG Infratech Pte Ltd ("DG") (the "DG Agreement") (together, the "Agreements").

 

The Agreements provide that new Ordinary Shares would be awarded to Dyani and
DG, and thus the following monthly consulting fees will be settled via the
issuance of new Ordinary Shares:

·      in lieu of Dyani's retainer fee for the period from 1 April 2021
to 31 March 2022, the Company will issue 2,142,857 new Ordinary Shares to
Dyani;

·      in lieu of DG's retainer fee for the period from 1 March 2021 to
31 August 2021, the Company will issue 400,000 new Ordinary Shares to DG.

 

GCM confirms that following the issue of new Ordinary Shares, Dyani will be
interested in 15.67% of the Company's enlarged issued ordinary share capital.

 

Under the terms of the Dyani & DG Agreements, there are no restrictions on
disposal of the shares issued in respect of the retainer fees issued to either
Dyani or DG, which are intended to cover the respective consultants' costs in
performing their services.

 

Director Shares

GCM also announces the issue of a total of 705,883 new ordinary shares of
£0.01 each in the Company ("New Ordinary Shares") to Keith Fulton, for his
services as Executive Director of the Company for the period 1 July 2019 to 31
December 2021, as part of his director remuneration agreement from June 2019.

 

On Admission, Keith Fulton will have an interest in 705,883 Shares,
representing approximately 0.39 per cent. of the issued share capital of the
Company, as enlarged by the Fee Shares. The FCA notification, made in
accordance with the requirements of the EU Market Abuse Regulation, is
appended below.

 

Application will be made to the London Stock Exchange for, in aggregate,
3,248,740 new Ordinary Shares to be admitted to AIM ("Admission"). It is
expected that Admission will become effective on 13 April 2022.  Following
Admission, the Company's enlarged issued share capital will comprise
182,305,226 Ordinary Shares with voting rights in the Company. As the Company
holds no shares in treasury, this is the total number of the voting rights in
the Company which may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest, or a change in the interest, in the share capital of the Company
under Chapter 5 of the FCA's Disclosure Guidance and Transparency Rules as
reflected in the Company's articles of incorporation.

 

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the “UK MAR”) which is part of
UK law by virtue of the European Union (Withdrawal) Act 2018. The information
is disclosed in accordance with the Company’s obligations under Article 17
of the UK MAR. Upon the publication of this announcement, this inside
information is now considered to be in the public domain..

 

 

For further information:

 

 GCM Resources plc                                        WH Ireland Ltd

 Keith Fulton                                             James Joyce

 Finance Director                                         Andrew de Andrade

 +44 (0) 20 7290 1630                                     +44 (0) 20 7220 1666

 GCM Resources plc
 Tel: +44 (0) 20 7290 1630
 info@gcmplc.com; www.gcmplc.com (http://www.gcmplc.com)

 

 

 

About GCM Resources

GCM Resources plc (LON:GCM), the AIM listed mining and energy company, has
identified a high-quality coal resource of 572 million tonnes (JORC 2004
compliant) at the Phulbari Coal and Power Project (the "Project") in
north-west Bangladesh.

 

Utilising the latest highly energy efficient power generating technology, the
Phulbari coal mine is capable of supporting over 6,000MW power generation. GCM
is awaiting approval from the Government of Bangladesh to develop the Project.
The Company, together with credible, internationally recognised strategic
partners, has a strategy of positioning its proposed coal to supply power
plants at the mine-mouth and other coal-fired power projects in Bangladesh.
GCM aims to deliver a practical power solution to provide the cheapest
electricity in the country, in a manner amenable to the Government of
Bangladesh.

 

 

 

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                                                         Keith Fulton
 2    Reason for the notification
 a)   Position/status                                              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                                                         GCM Resources Plc
 b)   LEI                                                          213800MXX5QHZNHCDU55
 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 1p each

       Identification code

                                                                   Identification code (ISIN) for GCM Resources plc ordinary shares:

GB00B00KV284

 b)   Nature of the transaction                                    Issue of ordinary shares in consideration of payment of director fees

 c)   Price(s) and volume(s)                                        Price(s)   Volume(s)
                                                                   4.25        705,883

 
 d)   Aggregated information

      - Aggregated volume                                          N/A

      - Price
 e)   Date of the transaction                                      7 April 2022
 f)   Place of the transaction                                     Outside a trading venue

 

d)

Aggregated information

- Aggregated volume

- Price

 

N/A

e)

Date of the transaction

7 April 2022

f)

Place of the transaction

Outside a trading venue

 

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