Grant of Options

Beowulf Mining PLC
18 April 2024
 

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18 April 2024

Beowulf Mining plc

         ("Beowulf" or the "Company")

Grant of Options

 

Beowulf (AIM: BEM; Spotlight: BEO) announces that the Board has approved the award of options granted under the Company's Long-Term Incentive Plan ("LTIP") to certain directors and senior management as follows:

 


Position

Number of Options awarded

Total number of Options held

Ed Bowie

Chief Executive Officer

50,000,000

50,000,000

Rasmus Blomqvist

Managing Director, Grafintec

20,000,000

23,500,000

Johan Röstin

Non-Executive Chairman

18,000,000

18,000,000

Chris Davies

Non-Executive Director

9,000,000

11,000,000

Mikael Schauman

Non-Executive Director

9,000,000

9,000,000

Ismet Krasniqi

Non-Executive Director, Vardar Minerals Limited

6,000,000

6,000,000

Other

Employees

16,000,000*

16,750,000

 

Note: the Employee options include an option award to Dmytro Siergieiev that has been approved by the Board but these options will only be granted after the start of his employment as Project Director at Jokkmokk Iron Mines AB on 1 May 2024

 

The Company's LTIP was established with advice from a leading independent consultancy specialising in the planning, design, and implementation of business-driven pay and reward strategies. The LTIP is designed to retain and incentivise key employees and Directors. 

 

The options are exercisable at a price of 0.75 pence per share, vest over three years, in three equal proportions, a third on each subsequent anniversary of the date of grant and are valid for 10 years from the date of grant. 

 

This award of options is for a total of 128,000,000 ordinary shares of 0.1 pence each in the capital of the Company, representing approximately 6.6 per cent of the existing issued share capital. Following the award of the options, there will be 158,500,000 ordinary shares of 0.1 pence each of the Company under option to directors, senior management and employees of the Company, representing 8.2 per cent of the existing issued share capital of the Company.

 

 

 

Enquiries:

 

Beowulf Mining plc

Ed Bowie, Chief Executive Officer                     ed.bowie@beowulfmining.com

 

SP Angel

(Nominated Adviser & Joint Broker)       

Ewan Leggat / Stuart Gledhill / Adam Cowl         Tel: +44 (0) 20 3470 0470

 

Alternative Resource Capital

(Joint Broker)

Alex Wood                                                        Tel: +44 (0) 20 7186 9004

 

BlytheRay        

Tim Blythe / Megan Ray                                     Tel: +44 (0) 20 7138 3204

 

 

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecast.

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

1)   Ed Bowie

2)   Rasmus Blomqvist

3)   Rohan Rostin

4)   Chris Davies

5)   Mikael Schauman

 

2

 

Reason for the notification

 

a)

 

Position/status

 

 

1)   CEO

2)   Managing Director, Grafintec

3)   Chairman

4)   Non-Executive Director

5)   Non-Executive Director

 

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Beowulf Mining Plc  

 

b)

 

LEI

 

 

213800MV3XGAOASPT433

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

ordinary shares of 0.1p each



Identification code

GB0033163287



b)

 

Nature of the transaction

 

 

Grant of options

 

c)

Price(s) and volume(s)

1

0.75p

50,000,000

2

0.75p

20,000,000

3

0.75p

18,000,000

4

0.75p

9,000,000

5

0.75p

9,000,000

d)

 

Aggregated information




- Aggregated volume

Not Applicable

 



- Price




e)

 

Date of the transaction

 

 

18 April 2024

f)

 

Place of the transaction

 

 

London Stock Exchange / Spotlight

 

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END
 
 
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