REG - Hamak Gold Limited - Correction: Issuance of Director Shares

Hamak GoldAnnouncement

29/03/2023 14:00

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RNS Number : 6514U  Hamak Gold Limited  29 March 2023

 

 

 

The following additional information has been included in the 'Operational
Update & Issuance of Director Shares' announcement released on 27 March
2023 at 16:07 under RNS No 3581U.

An application has been made by the issuer to the FCA to have 1, 401, 912
Ordinary Shares listed on the FCA Official List. It is expected the shares
will be admitted on 31 March 2023.

All other details remain unchanged.

The full amended text is shown below.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA,
THE UNITED STATES, ANY TERRITORY OR POSSESSION THEREOF OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS
OF SUCH JURISDICTION.

Hamak Gold Limited

("Hamak Gold" or the "Company")

Operational Update

Issuance of Director Shares

Hamak Gold Limited (LSE: HAMA) is pleased to provide an update on the
geophysical survey across its high-grade gold discovery at the Company's 100%
held Nimba Licence in Liberia.

Highlights

·    Induced Polarisation ("IP") geophysical survey underway by consulting
group GeoFocus

 

·    4,240m of line survey completed at orientation block over Ziatoyah
gold discovery where initial drilling returned a near-surface intersection of
20m @7g/t Au

 

·    Interpretation of initial results is promising at mapping the
subsurface sulphide mineralization associated with gold mineralization
discovered at Ziatoyah

 

·    Survey to be expanded for a further 6,400m of line survey across the
northwestern, strong gold in soil anomaly

 

·    Objective of the survey is to define the margins of sub-surface
sulphide mineralized units and to define and identify future drill targets

 

Karl Smithson, Executive Director of Hamak Gold commented:

"The Induced Polarization ("IP") orientation geophysical survey is progressing
well over the area which hosts the Ziatoyah high-grade gold discovery. Given
the excellent quality of the data yielded so far, we are confident that we
will be able to define mineralized zones and structures to identify drill
targets along the strike of the high-grade gold intersection at Ziatoyah.

"We will expand the survey to the north of Ziatoyah (Follow Up Survey) to
include the strong gold in soil anomaly and expect the geophysical surveys and
interpretation to be complete in April 2023."

Figure 1: Orientation and Follow Up IP Survey Blocks Across Ziatoyah Discovery
Site and Gold in Soil Anomalies

Issue of Fee Shares and Performance Shares

As outlined in the Company's Prospectus, to conserve funds, the Directors of
the Company agreed to accept shares in lieu of fees for a period of 18 months
following the date of Admission to the London Stock Exchange ("LSE"), to be
received quarterly in arrears ("Fee Shares").  For the period of 1 December
2022 to 28 February 2023, a total of 448,805 Fee Shares will be issued to the
Directors of the Company as follows:

 Fee Shares issued to directors                Number
 Amara Kamara                                  145,000
 Nicholas Karl Smithson                        125,000
 Samuel Julius Baiden                          50,000
 Kenneth Niall Young                           50,000
 Martin Lampshire                              45,472
 Walter McCarthy (resigned 30 January 2023)    33,333
 Total                                         448,805

 

On the 7 July 2022 it was announced that the Company had granted up to
2,129,847 Performance Rights in accordance with its Unapproved Share
Performance Rights Plan to the Directors and to certain senior management.

Each Performance Right entitles the holder to acquire one ordinary share. The
Performance Rights vest in accordance with the following conditions as set out
in the Company's Prospectus:

·    50 per cent. (50%) of the shares shall vest on the Company's first
drill intersection showing significant gold mineralisation (as determined by
the Senior Technical Consultant to the Board); and

·    the remaining 50 per cent. (50%) of the shares shall vest on the
first date on which the price of the Shares is double that of the price at
which Shares are issued in the placing of Shares with certain institutional
and retail investors at time of the Listing.

After taking independent expert advice, the Board has concluded that the first
milestone has been achieved through the discovery and drilling intersection of
significant gold mineralisation at Ziatoyah which returned a near-surface
intersection of 20m @7g/t Au, including 5m @22g/t Au.  Following exercise, a
total of 953,107 Performance Shares are being issued to Directors (excluding
the executive Chairman), senior management and staff as follows:

 Performance Shares exercised:
 Directors                      Number
 Karl Smithson
                                255,582
 Julius Baiden
                                111,817
 Niall Young
                                111,817
 Martin Lampshire
                                111,817
 Sub total
                                591,033
 Others
                                362,074
 Total
                                                                    953,107

 

Following issuance of the Fee and Performance Shares, the Directors' share
interests will be as follows:

 Directors                 No of shares  %
 Amara Kamara              24,744,833    54.1%
 Nicholas Karl Smithson *  4,151,539     9.1%
 Samuel Julius Baiden      561,817       1.2%
 Kenneth Niall Young       411,817       0.9%
 Martin Lampshire          1,286,704     2.8%
 Sub-Total Directors       31,156,710    68.1%
 Other Shareholders        14,575,868    31.9%
 Total Shares in Issue     45,732,578    100.0%

* including spouse holding 753,378 ordinary shares

 

Application will be made for the approval of the LSE to issue the Fee and
Performance Shares.  After issuance of these shares the issued share capital
of the Company will be 45,732,578 ordinary shares.  The figure of 45,732,578
ordinary shares may be used by shareholders in the Company as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the share capital
of the Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.

An application has been made by the issuer to the FCA to have 1, 401, 912
Ordinary Shares listed on the FCA Official List. It is expected the shares
will be admitted on 31 March 2023.

 

For further information you are invited to view the Company's website at
www.hamakgold.com or please contact:

 Hamak Gold Limited

 Amara Kamara                         +231 (0) 77 005 0005

 Karl Smithson                        +44 (0) 77 837 07971
 Peterhouse Capital Limited (Broker)  +44 (0) 20 7469 0930

 Lucy Williams

 Guy Miller

 Yellow Jersey PR                     +44 (0) 20 3004 9512

 Sarah Hollins

 Annabelle Wills

About Hamak Gold Limited

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold
exploration of a portfolio of licences in highly prospective areas of Liberia,
where significant drilling results have identified a new high-grade gold
discovery with the discovery hole returning 20m @ 7g/t Au near surface.

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         1. Amara Kamara

                                                                   2. Nicholas Karl Smithson

                                                                   3. Samuel Julius Baiden

                                                                   4. Kenneth Niall Young

                                                                   5. Martin Lampshire
 2    Reason for the notification

 a)   Position/status                                              1. Chairman

                                                                   2. Executive Director

                                                                   3. Non-Executive Director

                                                                   4. Non-Executive Director

                                                                   5. Non-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                                                         Hamak Gold Limited

 b)   LEI                                                          213800NL4ICLKYSYU749

 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 no par value each

      Identification code

                                                                   ISIN: VGG4256S1048

 b)   Nature of the transaction                                    Issue of Fee shares and Performance Shares (as applicable)

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

                                                            1. N/A        1. 145,000

                                                                   2. N/A        2. 380,582

                                                                   3. N/A        3. 161,817

                                                                   4. N/A        4. 161,817

                                                                   5. N/A        5. 157,289

 
 d)   Aggregated information                                       1,006,505

      Price
 e)   Date of the transaction                                      28.3.23

 f)   Place of the transaction                                     Outside a trading venue

 

d)

 

Aggregated information

 

Price

1,006,505

e)

 

Date of the transaction

 

28.3.23

f)

 

Place of the transaction

 

Outside a trading venue

 

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