TIDMGLR
RNS Number : 1633E
Galileo Resources PLC
04 November 2020
4 November 2020
Galileo Resources Plc
("Galileo" or the "Company")
Issuance of Director & Employee share options
Galileo, the exploration and development mining company,
announces that options to subscribe for 23,600,000 new ordinary
shares of the Company ("Ordinary Shares") in two tranches of
11,800,000 Ordinary Shares each were granted on 3 November 2020 to
the directors of the Company and key officers and employees (the
"Options"). The first tranche of Options have an exercise price of
1.45 pence and vest immediately whilst the second tranche have an
exercise price of 1.85 pence and vest on 1 March 2021. The Options
have a term of five years and any unexercised options will expire
at midnight 3 November 2025 and in aggregate represent
approximately 2.89% of the Company's issued share capital.
The Options announced today will result in a net increase of
23,600,000 options held by Directors, officers, and employees of
the Company. Subsequent to this grant, a total of 68,400,000 share
options are held by the Company's current Directors, officers and
employees representing approximately 8.37% of the share capital
outstanding Ordinary Shares). All outstanding options held by
current Directors, officers, and employees, other than those
included in this grant, have exercise prices ranging between 1.45
and 1.85 pence per share.
The Board approved the issuance of the Options to incentivise
and retain key Directors, officers and employees critical to
enhancing the future market value of the Company and notes the
significant premium of the respective exercise prices relative to
the current share price. The Board considered both historical
practices and on-going funding requirements in this regard
The Option exercise prices in the two tranches are at
approximately 86% and 137% premiums respectively to the closing
mid-market price as at 3 November 2020.
The grants made to the directors and PDMR's are as follows:
Tranche 1 Tranche 2 Tranches
1 & 2
Director Number Exercise Number Exercise Vesting Option
of Options price of Options price Expiry
pence pence
------------ --------- ------------ --------- ----------- --------
Immediate
& 1 March
Colin Bird 3,500,000 1.45 3,500,000 1.85 2021 3/11/25
------------ --------- ------------ --------- ----------- --------
Immediate
& 1 March
Edward Slowey 1,500,000 1.45 1,500,000 1.85 2021 3/11/25
------------ --------- ------------ --------- ----------- --------
Immediate
Richard & 1 March
Wollenberg 500,000 1.45 500,000 1.85 2021 3/11/25
------------ --------- ------------ --------- ----------- --------
Immediate
Christopher & 1 March
Molefe 300,000 1.45 300,000 1.85 2021 3/11/25
------------ --------- ------------ --------- ----------- --------
Immediate
Joel & 1 March
Silberstein 1,000,000 1.45 1,000,000 1.85 2021 3/11/25
------------ --------- ------------ --------- ----------- --------
Other PDMRs
------------ --------- ------------ --------- ----------- --------
Immediate
& 1 March
Eduard Victor 1,000,000 1.45 1,000,000 1.85 2021 3/11/25
------------ --------- ------------ --------- ----------- --------
Immediate
& 1 March
Non directors 4,000,000 1.45 4,000,0000 1.85 2021 3/11/25
------------ --------- ------------ --------- ----------- --------
Total 11,800,000 11,800,000
------------ --------- ------------ --------- ----------- --------
Following the implementation of the above option grant, the
directors will hold the following options over Ordinary Shares:
Director Number of Ordinary Option exercise price
Shares to which the pence
options relate
Colin Bird 5,000,000 1.85
7,500,000 1.30
7,500,000 1.80
3,500,000 1.85
3,500,000 1.45
--------------------- ----------------------
Joel Silberstein 1,000,000 1.85
1,000,000 1.45
--------------------- ----------------------
Edward Slowey 500,000 1.30
500,000 1.80
1,500,000 1.85
1,500,000 1.45
--------------------- ----------------------
Richard Wollenberg 750,000 1.85
750,000 1.30
750,000 1.80
500,000 1.85
500,000 1.45
--------------------- ----------------------
Christopher Molefe 250,000 1.85
500,000 1.30
500.000 1.80
300,000 1.85
300,000 1.45
--------------------- ----------------------
A copy of this announcement is available on the Company's
website www.galileoresources.com .
You can also follow Galileo on Twitter: @GalileoResource.
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact: Galileo Resources
PLC
Colin Bird, Chairman Tel +44 (0) 20 7581
Edward Slowey, Executive Director 4477
Tel +353 (0) 601 4466
Beaumont Cornish Limited - Nomad Tel +44 (0) 20 7628
Roland Cornish/James Biddle 3396
------------------------
Novum Securities Limited - Joint
Broker
Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
------------------------
Shard Capital Partners LLP - Tel +44 (0) 20 7186
J oint Broker 9952
Damon Heath
------------------------
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END
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(END) Dow Jones Newswires
November 04, 2020 02:00 ET (07:00 GMT)
Grafico Azioni Galileo Resources (LSE:GLR)
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