Share issue - Consultant

RNS Number : 3022L

GCM Resources PLC

18 July 2017

 

18 July 2017

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM) 

Share issue - Consultant

GCM Resources plc ("GCM" or the "Company"), a London based resource exploration and development company, announces in accordance with the consulting agreement announced on 18 May 2017, a success fee equal to 3,907,700 shares ("Success Fee") has been issued to Dyani Corporation Limited ("Consultant"). The Success Fee is for the completion of the technical pre-feasibility study of the development of a mine-mouth coal fired power plant generating up to 2,000MW at the Phulbari Coal and Power Project site, announced on 14 July 2017. Under the terms of the consulting agreement the shares awarded for the Success Fee cannot be disposed of for a period of six months from the date of issue.

In addition GCM has issued 300,000 shares to the Consultant in lieu of the retainer fee for the quarter ended 30 June 2017 in accordance with the terms of the consulting agreement.

Application is being made to The London Stock Exchange for these shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to AIM. It is expected that admission will become effective on 24 July 2017.  Following admission of these ordinary shares, the Company's enlarged issued share capital will comprise 82,361,697 ordinary shares with voting rights in the Company. As the Company holds no shares in treasury, this is the total number of the voting rights in the Company which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change in the interest, in the share capital of the Company under Chapter 5 of the FCA's Disclosure Guidance and Transparency Rules as reflected in the Company's articles of incorporation. GCM confirms that following the share issues announced today, Dyani Corporation Limited is interested in 10.9 percent of the Company's enlarged issued ordinary share capital.

For further information:

GCM Resources plc James Hobson Finance Director  [phone]	Bell Pottinger Lorna Cobbett [phone]
ZAI Corporate Finance Ltd Nominated Adviser and Broker Tim Cofman [phone]

GCM Resources plc
Tel: [phone]
[e-mail]; www.gcmplc.com

 

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