REG - SolGold PLC - Director/PDMR Shareholding
05/07/2022 11:45
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RNS Number : 3837R SolGold PLC 05 July 2022
5 July 2022
SolGold plc
("SolGold" or the "Company")
Grant of Employee Share Options and Issue of Equity
The Board of Directors of SolGold (LSE & TSX: SOLG) wishes to advise of
the grant of a total of 10,000,000 long term incentive employee options
("Options") and the allotment and issue of 1,336,182 new ordinary shares
(collectively "Incentives") to Mr Darryl Cuzzubbo, Chief Executive Officer and
Managing Director of SolGold plc.
The Incentives are triggered by requirements within the Executive Remuneration
Contract executed in January 2022, and in accordance with the Company's
Directors Remuneration Policy and Long Term Incentive Plan Rules, which were
approved by shareholders on 30 June 2022.
The Options will vest in three separate tranches, each with a thirty six (36)
month expiry date.
The Company has made an application via the Admissions Portal for 1,336,182
ordinary shares to be admitted to trade on 8 July 2022.
Following the allotment of these share options, the Company has on issue a
total of 2,295,152,615 fully-paid ordinary shares and 42,250,000 unlisted
options exercisable at various prices ranging from 25p to 50p and expiring
between 26 April 2023 and 1 December 2027.
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Darryl Cuzzubbo
2. Reason for the notification
a) Position/status: Executive Director / Chief Executive Officer
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: SolGold plc
b) LEI: 213800HGFADQBMIEVI76
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
Date of Transaction Financial Instrument Place of Transaction Currency
2022-07-01 Grant of Options over Ordinary Shares Outside of an Exchange GBP - British Pounds
Nature of Transaction:
Price(s) Volume(s) Total
Grant of Long Term Incentive Options (First Tranche) in accordance with 0.292 4,000,000 1,168,000.00
Executive's Remuneration Contract Aggregated 0.292 4,000,000 1,168,000.00
Date of Transaction Financial Instrument Place of Transaction Currency
2022-07-01 Grant of Options over Ordinary Shares Outside of an Exchange GBP - British Pounds
Nature of Transaction:
Price(s) Volume(s) Total
Grant of Long Term Incentive Options (Second Tranche) in accordance with 0.35 3,000,000 1,050,000.00
Executive's Remuneration Contract Aggregated 0.35 3,000,000 1,050,000.00
Date of Transaction Financial Instrument Place of Transaction Currency
2022-07-01 Grant of Options over Ordinary Shares Outside of an Exchange GBP - British Pounds
Nature of Transaction:
Price(s) Volume(s) Total
Grant of Long Term Incentive Options (Third Tranche) in accordance with 0.50 3,000,000 1,500,000.00
Executive's Remuneration Contract Aggregated 0.50 3,000,000 1,500,000.00
Date of Transaction Financial Instrument Place of Transaction Currency
2022-07-01 Ordinary Shares Outside of an Exchange GBP - British Pounds
Nature of Transaction:
Price(s) Volume(s) Total
Issue of Ordinary Shares under terms of Executive's Remuneration Contract 0.241 1,336,182 322,019.86
Aggregated 0.241 1,336,182 322,019.86
Date of Transaction
Financial Instrument
Place of Transaction
Currency
2022-07-01
Grant of Options over Ordinary Shares
Outside of an Exchange
GBP - British Pounds
Nature of Transaction:
Grant of Long Term Incentive Options (Second Tranche) in accordance with
Executive's Remuneration Contract
Price(s) Volume(s) Total
0.35 3,000,000 1,050,000.00
Aggregated 0.35 3,000,000 1,050,000.00
Date of Transaction
Financial Instrument
Place of Transaction
Currency
2022-07-01
Grant of Options over Ordinary Shares
Outside of an Exchange
GBP - British Pounds
Nature of Transaction:
Grant of Long Term Incentive Options (Third Tranche) in accordance with
Executive's Remuneration Contract
Price(s) Volume(s) Total
0.50 3,000,000 1,500,000.00
Aggregated 0.50 3,000,000 1,500,000.00
Date of Transaction
Financial Instrument
Place of Transaction
Currency
2022-07-01
Ordinary Shares
Outside of an Exchange
GBP - British Pounds
Nature of Transaction:
Issue of Ordinary Shares under terms of Executive's Remuneration Contract
Price(s) Volume(s) Total
0.241 1,336,182 322,019.86
Aggregated 0.241 1,336,182 322,019.86
This announcement was approved for release by Dennis Wilkins - Company
Secretary
CONTACTS
Dennis Wilkins
SolGold Plc (Company Secretary) Tel: +61 (0) 7 3303 0660
dwilkins@solgold.com.au (mailto:dwilkins@solgold.com.au)
Fawzi Hanano / Lia Abady
SolGold Plc (Investors / Communication) Tel: +44 (0) 20 3823 2130
fhanano@solgold.com.au (mailto:fhanano@solgold.com.au) / labady@solgold.com.au
(mailto:labady@solgold.com.au)
Tavistock (Media)
Jos Simson / Gareth Tredway Tel: +44 (0) 20 7920 3150
Follow us on twitter @SolGold_plc
Certain information contained in this announcement would have been deemed
inside information.
ABOUT SOLGOLD
SolGold is a leading resources company focussed on the discovery, definition
and development of world-class copper and gold deposits and continues to
strive to deliver objectives efficiently and in the interests of shareholders.
SolGold is exploring the length and breadth of this highly prospective and
gold-rich section of the Andean Copper Belt which is currently responsible for
c40% of global mined copper production.
The Company operates with transparency and in accordance with international
best practices. SolGold is committed to delivering value to its shareholders,
while simultaneously providing economic and social benefits to impacted
communities, fostering a healthy and safe workplace and minimizing the
environmental impact.
Dedicated stakeholders
SolGold employs a staff of approximately 800 employees of whom 99% are
Ecuadorian. This is expected to grow as the operations expand at Cascabel, and
in Ecuador generally. SolGold focusses its operations to be safe, reliable and
environmentally responsible and maintains close relationships with its local
communities. SolGold has engaged an increasingly skilled, refined and
experienced team of geoscientists using state of the art geophysical and
geochemical modelling applied to an extensive database to enable the delivery
of ore grade intersections from nearly every drill hole at Alpala. SolGold has
close to 60 geologists on the ground in Ecuador exploring for economic copper
and gold deposits.
About Cascabel
The Alpala deposit is the main target in the Cascabel concession, located on
the northern section of the heavily endowed Andean Copper Belt, the entirety
of which is renowned as the base for nearly half of the world's copper
production. The project area hosts mineralisation of Eocene age, the same age
as numerous Tier 1 deposits along the Andean Copper Belt in Chile and Peru to
the south. The project base is located at Rocafuerte within the Cascabel
concession in northern Ecuador, an approximately three-hour drive on sealed
highway north of the capital Quito, close to water, power supply and Pacific
ports.
Having fulfilled its earn-in requirements, SolGold is a registered shareholder
with an unencumbered legal and beneficial 85% interest in ENSA (Exploraciones
Novomining S.A.) which holds 100% of the Cascabel concession covering
approximately 50km(2). The junior equity owner in ENSA is required to repay
15% of costs since SolGold's earn in was completed, from 90% of its share of
distribution of earnings or dividends from ENSA or the Cascabel concession. It
is also required to contribute to development or be diluted, and if its
interest falls below 10%, it shall reduce to a 0.5% NSR royalty which SolGold
may acquire for US$3.5million.
SolGold's Regional Exploration Drive
SolGold is using its successful and cost-efficient blueprint established at
Alpala, and Cascabel generally, to explore for additional world class copper
and gold projects across Ecuador. SolGold is a large and active concessionaire
in Ecuador.
The Company wholly owns four other subsidiaries active throughout the country
that are now focussed on a number of high priority copper and gold resource
targets, several of which the Company believes have the potential, subject to
resource definition and feasibility, to be developed in close succession or
even on a more accelerated basis compared to Cascabel.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange
(LSE/TSX: SOLG). The Company has on issue a total of 2,295,152,615 fully paid
ordinary shares and 42,250,000 share options.
See www.solgold.com.au (http://www.solgold.com.au) for more information.
Follow us on twitter @SolGold plc
CAUTIONARY NOTICE
News releases, presentations and public commentary made by SolGold plc (the
"Company") and its Officers may contain certain statements and expressions of
belief, expectation or opinion which are forward looking statements, and which
relate, inter alia, to interpretations of exploration results to date and the
Company's proposed strategy, plans and objectives or to the expectations or
intentions of the Company's Directors, including the plan for developing the
Project currently being studied as well as the expectations of the Company as
to the forward price of copper. Such forward-looking and interpretative
statements involve known and unknown risks, uncertainties and other important
factors beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially different from
such interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations or
forward-looking statements; and save as required by the exchange rules of the
TSX and LSE or by applicable laws, the Company does not accept any obligation
to disseminate any updates or revisions to such interpretations or
forward-looking statements. The Company may reinterpret results to date as
the status of its assets and projects changes with time expenditure, metals
prices and other affecting circumstances.
This release may contain "forward‑looking information" within the meaning of
applicable Canadian securities legislation. Forward‑looking information
includes, but is not limited to, statements regarding the Company's plans for
developing its properties. Generally, forward‑looking information can be
identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be
taken", "occur" or "be achieved".
Forward‑looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be materially
different from those expressed or implied by such forward‑looking
information, including but not limited to: transaction risks; general
business, economic, competitive, political and social uncertainties; future
prices of mineral prices; accidents, labour disputes and shortages and other
risks of the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in
such statements. Factors that could cause actual results to differ
materially from such forward-looking information include, but are not
limited to, risks relating to the ability of exploration activities (including
assay results) to accurately predict mineralization; errors in management's
geological modelling and/or mine development plan; capital and operating costs
varying significantly from estimates; the preliminary nature of visual
assessments; delays in obtaining or failures to obtain required governmental,
environmental or other required approvals; uncertainties relating to the
availability and costs of financing needed in the future; changes in equity
markets; inflation; the global economic climate; fluctuations in commodity
prices; the ability of the Company to complete further exploration activities,
including drilling; delays in the development of projects; environmental
risks; community and non-governmental actions; other risks involved in the
mineral exploration and development industry; the ability of the Company to
retain its key management employees and skilled and experienced personnel; and
those risks set out in the Company's public documents filed on SEDAR at
www.sedar.com (http://www.sedar.com) . Accordingly, readers should not place
undue reliance on forward‑looking information. The Company does not
undertake to update any forward-looking information, except in accordance with
applicable securities laws.
The Company and its officers do not endorse, or reject or otherwise comment on
the conclusions, interpretations or views expressed in press articles or
third-party analysis, and where possible aims to circulate all available
material on its website.
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