ISSUE OF PERFORMANCE RIGHTS

RNS Number : 4219V

Adriatic Metals PLC

07 August 2020

 

Adriatic Metals PLC 

('Adriatic Metals' or the 'Company')

ISSUE OF PERFORMANCE RIGHTS

Adriatic Metals PLC (ASX:ADT, LON:ADT1) announces that it has granted and issued the following unlisted performance rights ("PRs") in the Company under the Company's Employees' and Consultants' Incentive Plan:

-  To Dominic Roberts, the Company's Head of Corporate Affairs, 1,500,000 PRs of which, subject to the achievement of certain performance conditions, two-thirds vest and become exercisable on 31 December 2021 and one-third vest and become exercisable on 31 December 2022.

-  To Phillip Fox, the Company's Chief Geologist, 250,000 PRs which, subject to the achievement of certain performance conditions, vest and become exercisable on 1 January 2021.

Following the grant of the abovementioned PRs, the Company's capital structure is as follows:

	No.
Unrestricted ordinary shares in issue	180,940,987
Unlisted Options	18,500,000
Unlisted Performance Rights	3,560,000
Fully diluted share capital	203,000,987

Dominic Roberts and Phillip Fox, who are Persons Discharging Managerial Responsibilities, had the following holdings in the Company following this grant:

Name	Position	New PRs Issued	Total Options and PRs Held	Current Shareholding in Adriatic	Current Shareholding as percentage of Current Issued Share Capital
Dominic Roberts	Head of Corporate Affairs	1,500,000	1,500,000	Nil	Nil
Phillip Fox	Chief Geologist	250,000	250,000	Nil	Nil

Appendix 3G has also been issued to the Australian Securities Exchange (ASX) and is available on the Company's website:  https://www.adriaticmetals.com/investors/asx-announcements/

For further information please contact:

Paul Cronin
Managing Director & CEO
[e-mail]

** ENDS **

Market Abuse Regulation Disclosure

The information contained within this announcement is deemed by Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person ‎responsible for arranging and authorising the release of this announcement on behalf of Adriatic is Paul Cronin, Managing Director and CEO.

For further information please visit  www.adriaticmetals.com ; @AdriaticMetals on Twitter; or contact:

Adriatic Metals PLC
Paul Cronin / Emma Chetwynd Stapylton	Tel: [phone]
Tavistock Communications Limited
Charles Vivian	Tel: [phone]
Edward Lee	Tel:  [phone]
Gareth Tredway	Tel: [phone]
The Capital Network
Julia Maguire/Lelde Smits	Tel: [phone]

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the grant of options to PDMRs.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Dominic Roberts
2	Reason for the notification
a)	Position/status	Head of Corporate Affairs
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Adriatic Metals PLC
b)	LEI	549300OHAH2GL1DP0L61
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 Identification code	Performance Rights over ordinary shares  ISIN for Adriatic Metals PLC ordinary shares: ISIN: GB00BL0L5G04
b)	Nature of the transaction	Grant of Performance Rights
c)	Price(s) and volume(s)	Price(s) Volume(s) GBP 0.013355 1,500,000
d)	Aggregated information - Aggregated volume -  Price	1,500,000 GBP 20,032.50
e)	Date of the transaction	6 August 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Phillip Fox
2	Reason for the notification
a)	Position/status	Chief Geologist
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Adriatic Metals PLC
b)	LEI	549300OHAH2GL1DP0L61
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 Identification code	Performance Rights over ordinary shares  ISIN for Adriatic Metals PLC ordinary shares: ISIN: GB00BL0L5G04
b)	Nature of the transaction	Grant of Performance Rights
c)	Price(s) and volume(s)	Price(s) Volume(s) GBP 0.013355 250,000
d)	Aggregated information - Aggregated volume -  Price	250,000 GBP 3,338.75
e)	Date of the transaction	6 August 2020
f)	Place of the transaction	Outside a trading venue

ABOUT ADRIATIC METALS

Adriatic Metals Plc (ASX:ADT, LON:ADT1) is a precious and base metals explorer and developer that owns the world-class advanced polymetallic Vares project in Bosnia & Herzegovina.

The Vares project consists of two high-grade polymetallic deposits, located at Rupice and Veovaca. Bosnia & Herzegovina is well-positioned in central Europe and boasts a strong mining history, pro-mining environment, highly-skilled workforce as well as extensive existing infrastructure and logistics.

The Vares project's captivating economics and impressive resource inventory have attracted Adriatic's highly experienced team, which is expediting exploration efforts to expand the current JORC resource. Results of a recent scoping study indicate an NPV₈ of US$917 million and IRR of 107%. Leveraging its first-mover advantage, Adriatic is rapidly advancing the project into the development phase and through to production.

There have been no material adverse changes in the assumptions underpinning the forecast financial information or material assumptions and technical parameters underpinning the Maiden Resource Estimate since the original relevant market announcements which continue to apply.

 

END

 

 

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