Grant of Options

RNS Number : 2942V

Westmount Energy Limited

06 August 2020

 

6 August 2020

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Grant of Options

Westmount Energy Limited (AIM: WTE), the energy investment company, announces a grant of options over nil par value ordinary shares in the Company ("Share Options") to the following director:

Director	No. of Share Options granted	Exercise Price	Expiration Date
Dermot Corcoran	750,000	17.0 pence per share	31 July 2023

The Share Options may, at any time before expiry, be exercised in whole or in multiples of not less than 5,000 nil par value ordinary shares in the Company ("Ordinary Shares"). Ordinary Shares issued as a result of any such exercise may be sold (subject to applicable laws and the AIM Rules for Companies) at any time including, but not limited to, a takeover or change of control of the Company.

Following the above grants, Mr Corcoran will have beneficial interests in Ordinary Shares and Share Options as noted below:

Director	No. of Ordinary Shares	Approx. % of Share Capital	No. of Share Options
Dermot Corcoran	5,250,000	4.17	1,750,000

As Mr Corcoran is a director of the Company, the grant of Share Options is deemed to be a related party transaction pursuant to rule 13 of the AIM Rules for Companies. The Board of Westmount, excluding Mr Corcoran, having consulted with Cenkos Securities plc as the Company's Nominated Adviser, considers the terms of this transaction to be fair and reasonable insofar as the Company's shareholders are concerned.

Following the above grant of Share Options, the Company has a total of 4,500,000 Share Options outstanding, representing approximately 3.5% of the Company's fully diluted issued share capital.

For further information, please contact:

Westmount Energy Limited  www.westmountenergy.com

David King, Director                                              Tel: [phone]

Anita Weaver 

Cenkos Securities plc ( Nomad and Broker)  Tel: [phone]

Nicholas Wells/Harry Hargreaves (Corporate Finance)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dermot Corcoran
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Westmount Energy Limited
b)	LEI	213800GJISWVBB5S3L84
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 no par value
	Identification code	ISIN: GB00B0S5KR31
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			-	750,000
d)	Aggregated information
	- Aggregated volume	750,000
	- Price	-
e)	Date of the transaction	5 August 2020
f)	Place of the transaction	Outside of trading venue

 

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