Issue and Cancellation of Equities

RNS Number : 3901N

SolGold PLC

06 September 2013

 



6 September 2013

SolGold Plc

("SolGold" or the "Company")

Issue of Equity

Cancellation of Securities

The Board of SolGold plc (SolGold or the Company) wishes to advise that it has today issued the securities outlined below:

Remuneration Shares Issued

The Company has issued a total of 700,000 ordinary shares of 1 pence each in the capital of the Company pursuant to the achievement of certain employment related milestones, including under the Convertible Redeemable Preference Shares ("CRPS") previously awarded to executives of the Company, and approved by shareholders in the Company's AGM of 28 June 2012.

The milestones achieved were predominantly focused on the Company securing rights to participate in, and the permit and licences required to drill, the promising Cascabel copper-gold porphyry project in Ecuador.

The shares were issued at 13 pence each to Mr Jason Ward and Mr Damien Lulofs. 

CEO Options Issued

The Company has also allotted the unlisted options to the CEO, Mr Alan Martin, as outlined in the market release of 10 May 2013, and approved by shareholders in the Company's AGM of 19 August 2013.  These tranches of options were issued as follows:

Ø 3 million exercisable at £0.14, vesting once the SOLG share price has traded at a minimum of £0.20 on a 30 day VWAP basis;

Ø 5 million exercisable at £0.28, vesting once the SOLG share price has traded at a minimum of £0.40 on a 30 day VWAP basis; and

Ø 8 million exercisable at £0.50, vesting once the SOLG share price has traded at a minimum of £0.80 on a 30 day VWAP basis.

Underwriting Options Issued

The Company has also allotted the unlisted Underwriting Options to Mather Investments (Qld) Pty Ltd, as approved by shareholders in the Company's AGM of 19 August 2013.  The 3 million options are exercisable at 6p each through to 19 August 2014.

The Company has also cancelled securities as follows:

CRPS Cancelled

The Company has cancelled all remaining CRPS'.  No CRPS' remain on issue.

*******************

As a result of the issues and cancellations outlined above, the Company now has a total of 554,054,342 fully-paid ordinary shares, 18,788,000 options exercisable at 50p, 7,750,000 options exercisable at 28p, 4,750,000 options exercisable at 14p, and 3,000,000 options exercisable at 6p on issue.

By order of the Board

Karl Schlobohm

Company Secretary

Contacts:

Mr Alan Martin

Solgold Plc (Chief Executive Officer)                                                               Tel: [phone]

[e-mail]

Mr Nicholas Mather                                                                                            Tel: [phone]

SolGold Plc (Executive Director)

[e-mail] 

Mr Karl Schlobohm                                                                                              Tel: [phone]

SolGold Plc (Company Secretary)

[e-mail]  

Mr Ewan Leggat / Katy Birkin                                                                            Tel: [phone]

SP Angel Corporate Finance LLP (Broker)

[e-mail]  

Mr Stephen Weir                                                                                                Tel: [phone]

RFC Ambrian Limited (Nominated Advisor)

[e-mail] 

Mr Dominic Barretto / Anna Legge                                                                 Tel: [phone]

Yellow Jersey PR Limited (Financial PR)

[e-mail]  

NOTES TO EDITORS

SolGold's exploration projects are located in northern Ecuador, Australia, and the Solomon Islands. In Ecuador, they consist of a JV with Cornerstone Capital Resources Inc. on the Cascabel copper-gold project.  In Australia, SolGold holds 100% of the Rannes, Mt Perry, Cracow West and Normanby Projects, all in southeast Queensland and in the Solomon Islands they comprise the Fauro Project (located on Fauro Island), and the Lower Koloula and Kuma licenses, both of which are located on Guadalcanal.  The Florida prospecting licence was permitted to expire as part of SolGold's strategy to become increasingly focussed on the preceding tenements in the Solomon Islands, Queensland and Ecuador.

In July 2012, SolGold and Cornerstone Capital Resources Inc. announced that they had signed a definitive option agreement whereby SolGold may acquire up to 85% of Cornerstone's 100% owned 5,000 hectare Cascabel gold-copper-silver property in northern Ecuador.

The Cascabel project is located approximately 120 km north of Ecuador's capital, Quito, 20 km south of the Colombian border, and 75 km inland from the coastal city of San Lorenzo.  The copper-gold porphyry project is located within the Andean western cordillera, host to numerous tier 1 world class copper-gold deposits through Chile, Peru, Ecuador and Colombia.

At the Rannes project SolGold has announced indicated and inferred resources of 18.7 million tonnes at 0.9 g/t gold equivalent (gold + silver) for 550,146 ounces of gold equivalent (296,657 ounces of gold and 10,137,736 ounces of silver; see announcement dated 23 May 2012 for details of the resource statement and gold equivalent ratios).  The Rannes project is currently under review.

In the Solomon Islands, a JV partner is being sought for the Fauro project to pursue drilling of gold-copper targets defined in the 2011 exploration program. 

SolGold's strategy is to be an integrated gold and copper discoverer, developer and miner.

SolGold's Board includes accomplished professionals with strong track records in the areas of exploration, mine development, investment, finance and law.  Board and Management have significantly vested interests in the Company, holding approximately 15.1% of its issued share capital.

SolGold is based in Brisbane, Queensland, Australia.  The Company listed on London's Alternative Investment Market (AIM) in 2006, under the AIM code 'SOLG' and currently has a total of 554,054,342 fully-paid ordinary shares, 18,788,000 options exercisable at 50p, 7,750,000 options exercisable at 28p, 4,750,000 options exercisable at 14p, and 3,000,000 options exercisable at 6p on issue.

 

END

 

 

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