Grant of Options

RNS Number : 7960A

Edenville Energy PLC

28 March 2017

 

28 March 2017

EDENVILLE ENERGY PLC

("Edenville" or the "Company")

Grant of Options

Edenville Energy plc (AIM:EDL), announces that upon the recommendation of the Company's Remuneration Committee, the following options to acquire ordinary shares of 0.2p each in the share capital of the Company ("Ordinary Shares") at an exercise price per Ordinary Share of 1.08p ("Options") have been granted to the Directors and senior management of the Company. 

The exercise price per Option represents a 35 per cent. premium to 0.8p, the price per Ordinary Share at which the recent placing, which concluded following the General Meeting on 17 March 2017, was executed.

Option recipient	Number of Options granted
Rufus Short	16,000,000
Jeffrey Malaihollo	10,000,000
Arun Srivastava	6,000,000
Other senior management	14,000,0000

The 38,000,000 Options issued to Directors and a member of the senior management will vest one third immediately, one third upon production of in excess of 5,000 tonnes of commercial coal per month over three months and one third upon completion of the Bankable Feasible Study for Rukwa Power Plant.

8,000,000 of the Options, being those granted to the two recently appointed engineers (as detailed in the Company's announcement dated 6 March 2017), will vest one-half upon production of in excess of 5,000 tonnes of commercial coal per month over three months and one-half upon production of in excess of 10,000 tonnes of commercial coal per month over three months.

All the Options will be exercisable for five years from 27 March 2017.

The Options granted represent 3.4 per cent. of the total issued share capital of the Company on a fully diluted basis as summarised in the table below:

	Total	% of fully diluted Share Capital
Ordinary Shares in issue on 28 March 2017	1,084,286,587	80.8%
Options Granted on 28 March 2017	46,000,000	3.4%
Outstanding share options granted previously	9,017,222	0.7%
Outstanding warrants	202,614,543	15.1%
Fully diluted share capital	1,341,918,352	100%

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information please contact:

Edenville Energy Plc Jeff Malaihollo - Chairman Rufus Short - CEO	[phone]
Northland Capital Partners Limited (Nominated Adviser) Gerry Beaney David Hignell	[phone]
Optiva Securities Limited (Broker) Jeremy King Graeme Dickson	[phone]
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Heather Armstrong Miles Nolan	[phone]

 

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