Issue of Options

RNS Number : 0763W

Blencowe Resources PLC

17 December 2021

 

Date: 17 December 2021 

Blencowe Resources Plc

("Blencowe" or the "Company")

Issue of Options

Blencowe Resources (LSE:BRES), the natural resources company focussed on the development of the Orom-Cross Graphite Project in Uganda, reports the issue of options to directors and senior management.

Given the stage of development of the Company and to further align Directors and Senior Management with shareholders, the Company now announces the grant of 6 million options as set out below, at 6p per share, for a period of five years.

These options will not vest unless the share price of the Company trades in excess of 10p per share for 10 consecutive days.

In addition, the options granted to the CEO and COO will only vest on delivery of a pre-feasibility study.

Cameron Pearce (Chairman)	1,500,000	£0.06
Mike Ralston (CEO)	1,500,000	£0.06
Iain Wearing (COO)	1,500,000	£0.06
Lionshead Consultants Ltd (Sam Quinn) (Non Exec Director)	1,000,000	£0.06
Alexander Passmore (Non Exec Director)	500,000	£0.06

For further information please contact:

Blencowe Resources Plc Sam Quinn (London Director)	www.blencoweresourcesplc.com Tel: [phone] [e-mail]
Investor Enquiries   Sasha Sethi	Tel: [phone] Email: [e-mail]
Brandon Hill Capital Limited Jonathan Evans (Corporate Finance)	Tel: [phone] [e-mail]
First Equity Limited Jason Robertson	Tel: [phone] [e-mail]

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit. A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is moving into the studies phase shortly as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

The Notification of Dealing Form provided in accordance with the requirements of the Market Abuse Regulation in relation to the transaction listed above is set out below.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.  Cameron Pearce 2.  Mike Ralston 3.  Alexander Passmore 4.  Lionshead Consultants (S Quinn) 5.  Iain Wearing
2	Reason for the notification
a)	Position/status	1.  Director 2.  Manager 3.  Director 4.  Director 5.  Manager
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Blencowe Resources PLC
b)	LEI	213800UXIHBIRK36GG11
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
	Identification code	GB00BFCMVS34
b)	Nature of the transaction	Share Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			1.  0.06 2.  0.06 3.  0.06 4.  0.06 5.  0.06	1,500,000 1,500,000 500,000 1,000,000 1,500,000
d)	Aggregated information
	- Aggregated volume	N/A
	- Price	£0.06
e)	Date of the transaction	16/12/2021
f)	Place of the transaction	London Stock Exchange

 

END

 

 

DSHFLFIVFVLDLIL