Issue of Equity

RNS Number : 9426L

SolGold PLC

10 July 2014

 

                                                                                                                              10 July 2014

SolGold Plc

("SolGold" or the "Company")

Announcement to London Stock Exchange

Issue of Equity

Following approval granted by shareholders at the Company's AGM on 8^th July 2014, SolGold plc ("SolGold" or the "Company") has today issued a total of 4,360,000 Incentive Options to Directors or their nominees, of which 50% are exercisable at 14p, vesting once the SOLG share price has traded at a minimum of 20p on a 30 day VWAP basis; and 50% are exercisable at 28p, vesting once the SOLG share price has traded at a minimum of 40p on a 30 day VWAP basis.

The interests of each Director in the options issued today are as follows:

Director	Number of Options	% of Options Issued
Nicholas Mather - Executive Director	1,500,000	34.4%
Brian Moller - Chairman	1,100,000	25.2%
John Bovard - Non-Executive Director	880,000	20.2%
Robert Weinberg - Non-Executive Director	880,000	20.2%

The option holdings outlined above represent the total interests of each Director in the options on issue in the Company, as all previous unexercised options expired on 30 May 2014. 

The Company now has 652,153,202 fully paid ordinary shares on issue and admitted to trading. The Company also has the following options on issue:

·     12,820,000 options exercisable at 50p;

·     12,730,000 options exercisable at 28p;

·     9,730,000 options exercisable at 14p; and

·     3,000,000 options exercisable at 6p.

By order of the Board

Karl Schlobohm

Company Secretary

Contacts:

Mr Alan Martin

SolGold Plc (CEO and Managing Director)                                                             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 / Ms Katy Birkin                                                                              Tel: [phone]

SP Angel Corporate Finance LLP (Nomad and Broker)

[e-mail]  

Mr Dominic Barretto / Ms 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. In the Solomon Islands they comprise the Fauro Project (located on Fauro Island), and the Lower Koloula, Malukuna and Kuma licenses which are located on Guadalcanal. 

The Cascabel copper-gold project is located approximately 180 km by sealed road north of Ecuador's capital, Quito, 20 km south of the Colombian border, and 75 km inland from the coastal city of San Lorenzo. 

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 soil geochemical survey and 3D modelling of magnetic data is being considered at Kuma, while 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 objective is to create substantial shareholder value by discovering and defining world class copper-gold deposits.

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 13% of its issued share capital.

SolGold is based in Brisbane, Queensland, Australia.  The Company listed on the AIM market operated by the London Stock Exchange plc in 2006, under the AIM code 'SOLG' and currently has a total of 652,153,202 fully-paid ordinary shares on issue.  The Company also has 12,820,000 options exercisable at 50p, 12,730,000 options exercisable at 28p, 9,730,000 options exercisable at 14p, and 3,000,000 options exercisable at 6p on issue.

 

END

 

 

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