Grant of options and Extension of waiver

RNS Number : 6535K

Chaarat Gold Holdings Ltd

11 July 2017

 

Chaarat Gold Holdings Limited
("Chaarat" or the "Company")

Grant of share options and Extension of waiver to concert party

Road Town, Tortola, British Virgin Islands (11^th July 2017)

Chaarat (AIM : CGH), the AIM quoted exploration and development company with assets in the Kyrgyz Republic, is pleased to provide the following update.

Grant of share options

As announced on 10^th July a new executive management team has been established to bring the Tulkubash Heap Leach Project into production headed by CEO Robert Benbow. The Board has approved the grant of 3.5 million options to three members of the team at an exercise price of 16.328p representing the average of the Chaarat share price for the last five trading days.  500,000 options were granted to the CEO. The options will be exercisable between 1 and 8 years from the date of grant.  Half of the awarded options will vest over three years with the remainder vesting on the achievement of milestones including the completion of the Feasibility Study for the Tulkubash Heap Leach Project, completion of financing for the Project and the first gold pour.

Robert Benbow now holds 4 million options which represents 1.14% of the Company's current issued share capital.

Following the grant of the Options the total number of ordinary shares in the Company under option (excluding warrants) is 36,613,622, representing 10.41 per cent of the current issued share capital. By 31 December 2017 due to the lapse of existing options the number of ordinary shares in the Company under option is expected to represent 8.61% of the current issued share capital.

Extension of waiver to concert party

On 12 April 2017, the waiver originally granted to members of the Concert Party (consisting of Labro, Martin Wiwen-Nilsson, Dominik Dolenec, Abingdon Trust, Willem De Geer and Sarastro) to acquire shares within a period without triggering a requirement to make a mandatory offer under the Articles of Chaarat was extended by three months in respect of 3,527,976 shares.  Martin Andersson (the Chairman of Chaarat) is indirectly beneficially interested in the majority of the shares in Labro.

The Board, having consulted with the members of the Concert Party now consider that Dominik Dolenec is no longer a member of the Concert Party as he has ceased all business associations with the other members.  On 13 June 2017, the Company announced a net sale by the Concert Party of 528,600 shares, which contained a sale of 732,600 shares by Mr Dolenec, which failed to settle and was later cancelled.  As a result, 783,622 shares remain available for purchase by the Concert Party.

The Board (comprising directors other than Martin Andersson and Martin Wiwen-Nilsson) has agreed to extend the waiver, on expiry, by a further three months since the ability of the directors to trade in the period since 12 April has been restricted by a number of close periods. 

The information contained within this announcement is deemed to constitute inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

Enquiries:

Chaarat Gold Holdings Limited	+ 44 (0) 20 7499 2612
c/o Central Asia Services Limited	[e-mail]
Martin Andersson (Chairman)                   Linda Naylor (Company Secretary)
Numis Securities Limited
John Prior, Paul Gillam (NOMAD) James Black (Broker)	[phone]

About Chaarat Gold

Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic with a large, high grade resource - the Chaarat Gold Project. The Company's key objective is to become a low cost gold producer generating significant production from the development of the Chaarat Gold Project. Chaarat is engaged in an active community engagement programme to optimise the value of the Chaarat investment proposition. 

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Robert Benbow
2.	Reason for the notification
a)	Position / status	PDMR
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Chaarat Gold Holdings Limited
b)	Legal entity identifier	213800T2A5CV84VTFJ70
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 US$0.01 each
	Identification code	VGG203461055
b)	Nature of the transaction	Grant of options
c)	Currency	GBP
d)	Price(s) and volume(s)		Exercise price	Volume(s)
			16.328 pence	500,000
e)	Aggregated information ·   Aggregated volume ·   Aggregated price ·   Aggregated total	500,000 16.328 pence £81,640
f)	Date of the transaction	10 July 2017
g)	Place of the transaction	Outside a trading venue

 

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