Empire Metals Limited / AIM: EEE / Sector: Natural Resources
1 February 2021
Empire Metals Limited ('Empire' or the 'Company')
Grant of Options and Director Shareholding
Empire Metals Limited, the AIM-quoted exploration and resource development company announces that the Remuneration Committee has agreed to issue options over a total of 21,000,000 ordinary shares of no par value in the capital of the Company ('Share Options') to Directors and a consultant of the Company. The Share Options will vest immediately and will expire on 31 January 2025. The exercise price of the options will be as follows:
| Exercise price (£) | 0.040 | 0.055 |
| Number of options granted | 10,500,000 | 10,500,000 |
The Share Options represent in aggregate 6.67% of the existing issued ordinary share capital of the Company and have been issued to a number of directors and consultants of the Company in line with the Company's ongoing incentive plans. Following the grant of the Share Options, in aggregate there will be 27,300,000 ordinary shares of no par value of the Company under option to directors of the Company, representing 8.68% of the existing issued ordinary share capital of the Company.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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: | Michael Struthers | ||||||||||||
2. | Reason for the notification | |||||||||||||
| a) | Position/status: | 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: | Empire Metals Limited | ||||||||||||
| b) | LEI: | 2138002IOR7OCZZPB279 | ||||||||||||
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: | Share options over ordinary shares of no par value VGG9688A1003 | ||||||||||||
| b) | Nature of the transaction: | Grant of options over ordinary shares | ||||||||||||
| c) | Price(s) and volume(s): |
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| d) | Aggregated information: Aggregated volume: Price:
Aggregated volume: Price: | Single transactions as in 4 c) above
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| e) | Date of the transaction: | 2021-02-01 09:00 hrs UTC | ||||||||||||
| f) | Place of the transaction: | Outside a trading venue | ||||||||||||
1. | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
| a) | Name: | Neil O'Brien | |||||||||
2. | Reason for the notification | ||||||||||
| a) | Position/status: | Non-Executive Chairman | |||||||||
| b) | Initial notification/Amendment: | Initial notification | |||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
| a) | Name: | Empire Metals Limited | |||||||||
| b) | LEI: | 2138002IOR7OCZZPB279 | |||||||||
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: | Share options over ordinary shares of no par value VGG9688A1003 | |||||||||
| b) | Nature of the transaction: | Grant of options over ordinary shares | |||||||||
| c) | Price(s) and volume(s): |
| |||||||||
| d) | Aggregated information: Aggregated volume: Price: Aggregated volume: Price: | Single transactions as in 4 c) above
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| e) | Date of the transaction: | 2021-02-01 09:00 hrs UTC | |||||||||
| f) | Place of the transaction: | Outside a trading venue | |||||||||
1. | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
| a) | Name: | Gregory Kuenzel | |||||||||
2. | Reason for the notification | ||||||||||
| a) | Position/status: | Finance Director | |||||||||
| b) | Initial notification/Amendment: | Initial notification | |||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
| a) | Name: | Empire Metals Limited | |||||||||
| b) | LEI: | 2138002IOR7OCZZPB279 | |||||||||
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: | Share options over ordinary shares of no par value VGG9688A1003 | |||||||||
| b) | Nature of the transaction: | Grant of options over ordinary shares | |||||||||
| c) | Price(s) and volume(s): |
| |||||||||
| d) | Aggregated information: Aggregated volume: Price: Aggregated volume: Price:
| Single transactions as in 4 c) above
| |||||||||
| e) | Date of the transaction: | 2021-02-01 09:00 hrs UTC | |||||||||
| f) | Place of the transaction: | Outside a trading venue | |||||||||
1. | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
| a) | Name: | Peter Damouni | |||||||||
2. | Reason for the notification | ||||||||||
| a) | Position/status: | 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: | Empire Metals Limited | |||||||||
| b) | LEI: | 2138002IOR7OCZZPB279 | |||||||||
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: | Share options over ordinary shares of no par value VGG9688A1003 | |||||||||
| b) | Nature of the transaction: | Grant of options over ordinary shares | |||||||||
| c) | Price(s) and volume(s): |
| |||||||||
| d) | Aggregated information: Aggregated volume: Price: Aggregated volume: Price: | Single transactions as in 4 c) above
| |||||||||
| e) | Date of the transaction: | 2021-02-01 09:00 hrs UTC | |||||||||
| f) | Place of the transaction: | Outside a trading venue | |||||||||
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
| Mike Struthers | Empire Metals Ltd | Company | Tel: 020 7907 9327 |
| Ewan Leggat | S. P. Angel Corporate Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
| Adam Cowl | S. P. Angel Corporate Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
| Damon Heath | Shard Capital Partners LLP | Joint Broker | Tel: 020 7186 9950 |
| Susie Geliher | St Brides Partners Ltd | PR | Tel: 020 7236 1177 |
| Beth Melluish | St Brides Partners Ltd | PR | Tel: 020 7236 1177 |
About Empire Metals Limited
Empire Metals' primary focus is on the Eclipse Gold Project in Western Australia which produced 954 tonnes @ 24.6 g/t Au for 754.25 oz Au from the Eclipse shaft which operated up to 1910. In addition to the known mineralisation at and surrounding the Eclipse old workings, recent geophysics and geochemistry work has highlighted further potential mineralisation at two additional targets north-west of Eclipse, the Houdini and Easy prospects.
The Company also has a 50% joint venture in Georgia which covers an area of over 860 sq km and has a 30-year mining licence. The joint venture covers a variety of targets and projects ranging from greenfield exploration / target definition phase through intermediate target-testing phases to more advanced projects including Kvemo Bolnisi East which is due to advance to Feasibility Study.
The Board continues to evaluate opportunities through which to realise the value of its wider portfolio and reviews further assets which meet the Company's investment criteria.
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