Grant of Options

RNS Number : 7034A

Tungsten West PLC

27 September 2022

 

27 September 2022

Tungsten West Plc

("Tungsten West", the "Company" or the "Group")

Grant of Options

Tungsten West (AIM: TUN), the mining company focussed on recommencing production at the Hemerdon tungsten and tin mine in Devon, United Kingdom, announces that a total of 2,799,982 options over ordinary shares of £0.01 each in the capital of the Company ("Ordinary Shares") were granted to the Chief Financial Officer, Managing Director, Executive Vice Chairman and other employees (the "Options") pursuant to the Company Share Option Plan ("2022 CSOP") and Employee Share Option Plan ("2022 ESOP").

The Options are exercisable at a price of £0.275 per Ordinary Share, being  mid-market closing price on 21 September 2022, in accordance with the conditions of the 2022 CSOP and 2022 ESOP. The Options will vest three years from the date of grant.

Following the grant of Options, the interest of the Directors and PDMRs in the share capital of the Company are as follows:

Directors and PDMR	Options granted	Total number of share options following this notification	Total beneficial holding of shares following this notification	Total beneficial holding (options + ordinary shares) as % of Company's fully diluted issued share capital
Anthony Nigel Widdowson, Chief Financial Officer	100,000	400,000	Nil	0.19
James McFarlane, Managing Director (non-board position)	100,000	933,333	Nil	0.45
Mark Thompson, Executive Vice Chairman	150,000	5,121,586	4,317,238	4.53

Following this grant, the Company has a total of 25,016,885 options in issue to date representing approximately 13.9 per cent. of the Company's current issued share capital.

  Enquiries

Tungsten West Mark Thompson Tel: [phone]	Strand Hanson (Nominated Adviser and Financial Adviser) James Spinney / James Dance / Abigail Wennington Tel: [phone]
Camarco (Financial PR) Gordon Poole / Emily Hall Tel: [phone] Email: [e-mail]	Hannam & Partners (Joint Broker) Andrew Chubb / Nilesh Patel [phone]
	VSA Capital (Joint Broker) Andrew Raca / Andrew Monk [phone]

Follow us on twitter @TungstenWest

Overview of Tungsten West

Tungsten West is the 100 per cent owner and operator of the past producing Hemerdon tungsten and tin mine, located near Plymouth in southern Devon, England. The Hemerdon mine is currently the world's third largest tungsten resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 per cent. WO₃. The Company acquired the mine out of a receivership process in 2019 after its most recent operators, Wolf Minerals ("Wolf"), stopped production in 2018. While it was operator, Wolf invested over £170 million into the development of the site, the development of significant infrastructure and processing facilities. Hemerdon was producing tungsten and tin materials, under Wolf, between 2015 and 2018, before the company entered administration and placed the mine into receivership due to a number of issues that have since been identified and rectified by Tungsten West.

The Company is focussed on updating the existing infrastructure and, in the near-term, restarting the Hemerdon mine at a low cost. Following the restart, Hemerdon is expected to produce significant volumes of tungsten and tin, both of which are strategically important materials, particularly in the development of new technology.

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the persons discharging managerial responsibilities
a)	Name	Anthony Nigel Widdowson
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial notification
3	Details  of  the  issuer
a)	Name	Tungsten West Plc
b)	LEI	213800QNV72HX3JAFC56
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 1p
	Identification code	ISIN for Ordinary Shares: GB00BP6QM557
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Option Price(s) Volume(s) 27.5p 100,000
d)	Aggregated information - Aggregated volume  - Price	-  Options over 100,000 shares -  27.5p per share (exercise price)
e)	Date of the transaction	22 September  2022
f)	Place of the transaction	Outside a trading venue. New Ordinary Shares issued on exercise of options will be admitted to trading on AIM, London Stock Exchange

1	Details of the persons discharging managerial responsibilities
a)	Name	James McFarlane
2	Reason for the notification
a)	Position/status	Managing Director (non-board position)
b)	Initial notification /Amendment	Initial notification
3	Details  of  the  issuer
a)	Name	Tungsten West Plc
b)	LEI	213800QNV72HX3JAFC56
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 1p
	Identification code	ISIN for Ordinary Shares: GB00BP6QM557
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Option Price(s) Volume(s) 27.5p 100,000
d)	Aggregated information - Aggregated volume  - Price	-  Options over 100,000 shares -  27.5p per share (exercise price)
e)	Date of the transaction	22 September 2022
f)	Place of the transaction	Outside a trading venue. New Ordinary Shares issued on exercise of options will be admitted to trading on AIM, London Stock Exchange

1	Details of the persons discharging managerial responsibilities
a)	Name	Mark Thompson
2	Reason for the notification
a)	Position/status	Executive Vice Chairman
b)	Initial notification /Amendment	Initial notification
3	Details  of  the  issuer
a)	Name	Tungsten West Plc
b)	LEI	213800QNV72HX3JAFC56
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 1p
	Identification code	ISIN for Ordinary Shares: GB00BP6QM557
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Option Price(s) Volume(s) 27.5p 150,000
d)	Aggregated information - Aggregated volume  - Price	-  Options over 150,000 shares -  27.5p per share (exercise price)
e)	Date of the transaction	22 September  2022
f)	Place of the transaction	Outside a trading venue. New Ordinary Shares issued on exercise of options will be admitted to trading on AIM, London Stock Exchange

 

END

 

 

DSHFLFERASIRFIF