REG - Tungsten West PLC - Grant of Options
27/09/2022 07:00
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RNS Number : 7034A Tungsten West PLC 27 September 2022
27 September 2022
Tungsten West Plc
("Tungsten West", the "Company" or the "Group")
Grant of Options
Tungsten West (AIM: TUN), the mining company focussed on recommencing
production at the Hemerdon tungsten and tin mine in Devon, United Kingdom,
announces that a total of 2,799,982 options over ordinary shares of £0.01
each in the capital of the Company ("Ordinary Shares") were granted to the
Chief Financial Officer, Managing Director, Executive Vice Chairman and other
employees (the "Options") pursuant to the Company Share Option Plan ("2022
CSOP") and Employee Share Option Plan ("2022 ESOP").
The Options are exercisable at a price of £0.275 per Ordinary Share, being
mid-market closing price on 21 September 2022, in accordance with the
conditions of the 2022 CSOP and 2022 ESOP. The Options will vest three years
from the date of grant.
Following the grant of Options, the interest of the Directors and PDMRs in the
share capital of the Company are as follows:
Directors and PDMR Options granted Total number of share options following this notification Total beneficial holding of shares following this notification Total beneficial holding (options + ordinary shares) as % of Company's fully
diluted issued share capital
Anthony Nigel Widdowson, Chief Financial Officer 100,000 400,000 Nil 0.19
James McFarlane, Managing Director (non-board position) 100,000 933,333 Nil 0.45
Mark Thompson, Executive Vice Chairman 150,000 5,121,586 4,317,238 4.53
Following this grant, the Company has a total of 25,016,885 options in issue
to date representing approximately 13.9 per cent. of the Company's current
issued share capital.
Enquiries
Tungsten West Strand Hanson
Mark Thompson (Nominated Adviser and Financial Adviser)
Tel: +44 (0) 203 178 7385 James Spinney / James Dance / Abigail Wennington
Tel: +44 (0) 207 409 3494
Camarco Hannam & Partners
(Financial PR) (Joint Broker)
Gordon Poole / Emily Hall Andrew Chubb / Nilesh Patel
Tel: +44(0) 20 3757 4980 +44 (0)20 7907 8500
Email: tungstenwest@camarco.co.uk
VSA Capital
(Joint Broker)
Andrew Raca / Andrew Monk
+44 (0)20 3005 5000
Follow us on twitter @TungstenWest
Overview of Tungsten West
Tungsten West is the 100 per cent owner and operator of the past producing
Hemerdon tungsten and tin mine, located near Plymouth in southern Devon,
England. The Hemerdon mine is currently the world's third largest tungsten
resource, with a JORC (2012) compliant Mineral Resource Estimate of
approximately 325Mt at 0.12 per cent. WO(3). The Company acquired the mine out
of a receivership process in 2019 after its most recent operators, Wolf
Minerals ("Wolf"), stopped production in 2018. While it was operator, Wolf
invested over £170 million into the development of the site, the development
of significant infrastructure and processing facilities. Hemerdon was
producing tungsten and tin materials, under Wolf, between 2015 and 2018,
before the company entered administration and placed the mine into
receivership due to a number of issues that have since been identified and
rectified by Tungsten West.
The Company is focussed on updating the existing infrastructure and, in the
near-term, restarting the Hemerdon mine at a low cost. Following the restart,
Hemerdon is expected to produce significant volumes of tungsten and tin, both
of which are strategically important materials, particularly in the
development of new technology.
The notifications set out below are provided in accordance with the
requirements of the EU Market Abuse Regulation.
1 Details of the persons discharging managerial responsibilities
a) Name Anthony Nigel Widdowson
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer
a) Name Tungsten West Plc
b) LEI 213800QNV72HX3JAFC56
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 Options over Ordinary Shares of 1p
Identification code ISIN for Ordinary Shares: GB00BP6QM557
b) Nature of the transaction Grant of options
c) Price(s) and volume(s) Option Price(s) Volume(s)
27.5p 100,000
d) Aggregated information - Options over 100,000 shares
- Aggregated volume - 27.5p per share (exercise price)
- Price
e) Date of the transaction 22 September 2022
f) Place of the transaction Outside a trading venue.
New Ordinary Shares issued on exercise of options will be admitted to trading
on AIM, London Stock Exchange
d)
Aggregated information
- Aggregated volume
- Price
- Options over 100,000 shares
- 27.5p per share (exercise price)
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Outside a trading venue.
New Ordinary Shares issued on exercise of options will be admitted to trading
on AIM, London Stock Exchange
1 Details of the persons discharging managerial responsibilities
a) Name James McFarlane
2 Reason for the notification
a) Position/status Managing Director (non-board position)
b) Initial notification /Amendment Initial notification
3 Details of the issuer
a) Name Tungsten West Plc
b) LEI 213800QNV72HX3JAFC56
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 Options over Ordinary Shares of 1p
Identification code ISIN for Ordinary Shares: GB00BP6QM557
b) Nature of the transaction Grant of options
c) Price(s) and volume(s) Option Price(s) Volume(s)
27.5p 100,000
d) Aggregated information - Options over 100,000 shares
- Aggregated volume - 27.5p per share (exercise price)
- Price
e) Date of the transaction 22 September 2022
f) Place of the transaction Outside a trading venue.
New Ordinary Shares issued on exercise of options will be admitted to trading
on AIM, London Stock Exchange
d)
Aggregated information
- Aggregated volume
- Price
- Options over 100,000 shares
- 27.5p per share (exercise price)
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Outside a trading venue.
New Ordinary Shares issued on exercise of options will be admitted to trading
on AIM, London Stock Exchange
1 Details of the persons discharging managerial responsibilities
a) Name Mark Thompson
2 Reason for the notification
a) Position/status Executive Vice Chairman
b) Initial notification /Amendment Initial notification
3 Details of the issuer
a) Name Tungsten West Plc
b) LEI 213800QNV72HX3JAFC56
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 Options over Ordinary Shares of 1p
Identification code ISIN for Ordinary Shares: GB00BP6QM557
b) Nature of the transaction Grant of options
c) Price(s) and volume(s) Option Price(s) Volume(s)
27.5p 150,000
d) Aggregated information - Options over 150,000 shares
- Aggregated volume - 27.5p per share (exercise price)
- Price
e) Date of the transaction 22 September 2022
f) Place of the transaction Outside a trading venue.
New Ordinary Shares issued on exercise of options will be admitted to trading
on AIM, London Stock Exchange
d)
Aggregated information
- Aggregated volume
- Price
- Options over 150,000 shares
- 27.5p per share (exercise price)
e)
Date of the transaction
22 September 2022
f)
Place of the transaction
Outside a trading venue.
New Ordinary Shares issued on exercise of options will be admitted to trading
on AIM, London Stock Exchange
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