REG - Griffin Mining Ltd - CANCELLATION AND ISSUE OF NEW SHARES

Griffin MiningAnnouncement

31/12/2024 07:00

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RNS Number : 6347R  Griffin Mining Limited  31 December 2024

 

8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629 7772  Facsimile:  + 44 (0)20 7629 7773

E mail: griffin@griffinmining.com (mailto:griffin@griffinmining.com)

 

 

Cancellation of Shares Pursuant to the Company's Share Incentive Plan &
Issue of New Shares

 

31(st) December 2024

 

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce,
following the announcement of the 27(th) March 2023, the cancellation of the 6
million shares issued to Mladen Ninkov (or his beneficial nominee) under the
Company's Share Incentive Plan and the issue of 7 million new shares (the "New
Shares") to Keynes Capital (as Mr Ninkov's employer) under far more stringent,
results based terms.

 

The New Shares issued will be subject to certain contractual terms including
that the shares issued will not be sold or otherwise transferred or disposed
except in the event of a transaction occurring with the Company or its
subsidiaries, malus and return of the shares upon leaving the employ of the
Company or its subsidiaries. The New Shares will be issued following the
execution of agreements between Keynes Capital and the Company confirming the
above terms and the formal subscription agreement for the New Shares.

 

Application will be made for the New Shares, which will rank pari passu with
the existing ordinary shares of the Company, to be admitted to trading on AIM
of the London Stock Exchange ("AIM").  It is expected that will occur
approximately on 9(th) January 2025.

 

Following the issue and admission of the New  Shares to trading on AIM there
will be 185,530,477 Ordinary Shares in issue, of which 1,241,996 Ordinary
Shares will be held in treasury. Consequently, shareholders should use
184,288,481 Ordinary Shares as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or
change their interest in, the Company, under the Financial Conduct Authorities
Disclosure and Transparency Rules.

 

Following Admission of the New Shares to trading on AIM the following person
holding management responsibility will be interested in the following Ordinary
Shares in the Company.

 

                             Number of shares cancelled related to share incentive scheme  Number of New Shares issued  Resulting total number of shares owned  % of enlarged issued Share Capital

                                                                                                                        7,033,001

 Mladen Ninkov (Chairman )   6,000,000                                                     7,000,000                                                            3.8

 

 

Chairman of the Remuneration Committee, Dean Moore, commented, "With this new
share issue the Board has adopted the recommendations of the Remuneration
Committee to ensure an incentive structure is implemented which provides the
greatest chance of retaining Mladen Ninkov to deliver the strategy which we
believe the shareholders expect."

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                          Mladen Ninkov

 2    Reason for the notification

 a)   Position/status                                              Chairman

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Griffin Mining Limited

 b)   LEI                                                          213800VXEARSK4D5UG12
 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 one US cent each

      Identification code

                                                                   ISIN: BMG4122J 10 62.6
 b)   Nature of the transaction                                    Cancellation of shares under share incentive scheme

 c)   Price(s) and volume(s)                                       Price(s)   Volume(s)

                                                                   Nil pence  6,000,000

 d)   Aggregated information

      - Aggregated volume                                          6,000,000

      - Price                                                      Nil pence per share
 e)   Date of the transaction                                      31(st)  December 2024

 f)   Place of the transaction                                     Jersey

d)

 

Aggregated information

- Aggregated volume

- Price

 

6,000,000

Nil pence per share

e)

 

Date of the transaction

31(st)  December 2024

f)

Place of the transaction

Jersey

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                          Mladen Ninkov

 2    Reason for the notification

 a)   Position/status                                              Chairman

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Griffin Mining Limited

 b)   LEI                                                          213800VXEARSK4D5UG12
 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 one US cent each

      Identification code

                                                                   ISIN: BMG4122J 10 62.6
 b)   Nature of the transaction                                    Issue of shares under share incentive scheme

 c)   Price(s) and volume(s)                                       Price(s)   Volume(s)

                                                                   Nil pence  7,000,000

 d)   Aggregated information

      - Aggregated volume                                          7,000,000

      - Price                                                      Nil pence per share
 e)   Date of the transaction                                      31(st) December 2024

 f)   Place of the transaction                                     Jersey

d)

 

Aggregated information

- Aggregated volume

- Price

 

7,000,000

Nil pence per share

e)

 

Date of the transaction

31(st) December 2024

f)

Place of the transaction

Jersey

 

 

About Griffin Mining Limited

 

Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited
owns and operates through its 88.8% owned Joint Venture in China the
Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and
lead metals in concentrates. For more information, please visit the Company's
website griffinmining.com.

 

Further information

 

Griffin Mining Limited

Mladen Ninkov - Chairman
          Telephone: +44(0)20 7629 7772

Roger Goodwin - Finance Director

 

Panmure Liberum
Limited
                Telephone: +44 (0)20 7886 2500

             James Sinclair Ford

             Kieron Hodgson

             Dougie McLeod

 

Berenberg
                                                                                   Telephone: +44(0)20
3207 7800

             Matthew Armitt

Jennifer Wyllie

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014

 

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