REG - GCM Resources PLC - Warrants Exercised

GCM ResourcesAnnouncement

07/03/2024 07:00

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RNS Number : 9073F  GCM Resources PLC  07 March 2024

7 March 2024

GCM Resources plc

("GCM" or the "Company")

 

Warrants Exercised

 

Share issue - Consultants & Director

 

Director/PDMR Shareholding

 

 

GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, reports
an exercise of warrants.

 

Warrant Exercise

The Company has received a notice to exercise warrants over 606,060 new
ordinary shares of 1 pence each in the Company ("Warrant Shares") at an
exercise price of 1.65 p per Warrant Share, raising £10,000 for the Company.

 

Consultant's Shares

The Company also 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 22 August 2022,
with DG Infratech Pte Ltd ("DG") (the "DG Agreement") (together, the
"Agreement").

 

The Agreement provides that new Ordinary Shares would be awarded to DG, and
thus the following monthly consulting fee will be settled via the issuance of
new Ordinary Shares:

·      in lieu of DG's retainer fee for the period from 1 January 2023
to 31 December 2023 of £180,000, the Company will issue 4,363,636 new
Ordinary Shares to DG.

 

GCM confirms that following the issue of new Ordinary Shares, DG will be
interested in 4.165% of the Company's enlarged issued ordinary share capital.

 

Under the terms of the DG Agreement, there are no restrictions on disposal of
the shares issued in respect of the retainer fees issued to 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 377,359 new ordinary shares of
£0.01 each in the Company ("New Ordinary Shares") to Keith Fulton, for
payment of his services as Executive Director of the Company for the period 1
January 2023 to 31 December 2023 of £10,000, as part of his director
remuneration agreement from June 2019.

 

On Admission, Keith Fulton will have an interest in 1,400,702 Shares,
representing approximately 0.57 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,
5,347,055 new Ordinary Shares to be admitted to AIM ("Admission"). It is
expected that Admission will become effective on 11 March 2024.  Following
Admission, the Company's enlarged issued share capital will comprise
243,171,131 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.

 

 

 

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014 and has been announced in accordance
with the Company's obligations under Article 17 of that Regulation.

 

 

For further information:

 GCM Resources plc             WH Ireland Ltd

 Keith Fulton                  James Joyce

 Finance Director              James Bavister

  +44 (0) 20 7290 1630         Andrew De Andrade

                               +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 can support some 6,600MW. GCM requires approval from the
Government of Bangladesh in order to develop the Project. The Company has a
strategy of linking the Company's mine proposal to supplying coal to the
Government of Bangladesh's existing and in the pipeline coal-fired power
plants and / or power plants developed development partners. Together with
credible, internationally recognised strategic development partners, GCM aims
to deliver a practical power solution to provide the cheapest coal-fired
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)
                                                                   2.65        377,359

 
 d)   Aggregated information

      - Aggregated volume                                          N/A

      - Price
 e)   Date of the transaction                                      5 March 2024
 f)   Place of the transaction                                     Outside a trading venue

 

d)

Aggregated information

- Aggregated volume

- Price

 

N/A

e)

Date of the transaction

5 March 2024

f)

Place of the transaction

Outside a trading venue

 

 

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