RNS

RNS Number : 4035A
Ortac Resources Limited
24 March 2017
 

 24 March 2017

Ortac Resources Ltd

("Ortac" or the "Company")

GRANT OF SHARE OPTIONS

Ortac Resources Ltd, the AIM listed mineral exploration company operating in Europe and Africa, the Directors have today approved a grant of share options over 3,500,000 new ordinary shares of no par value of the Company ("Ordinary Shares") to certain Directors and senior managers (the "Options").

The Options have an exercise price of 4 pence per Ordinary Share, representing a c. 27% premium to the closing market price Ordinary Shares on 22 March 2017. The Options expire on 23 March 2022.

Details of the Options granted to the following Directors and persons who discharge managerial responsibilities ("PDMRs") today are set out below:

 

 

Name

 

Title

 

Number of new Options granted

Number of Ordinary Shares subject to Option following the grant of new Options

 

Anthony Balme

Executive Chairman

700,000

 

 1,460,000

 

Vassilios Carellas

Chief Executive Officer

700,000

 

  1,800,000

 

Nick Von Schirnding

Non-executive Director

1,400,000

1,400,000

 

Chuck Forrest

Interim CFO

700,000

 

700,000

 

Total

 

3,500,000

 

 

5,360,000

Following the above grant, there are a total of 5,710,000 incentive share options granted over unissued Ordinary Shares granted to Directors and PDMRs, representing 6.95% of the Company's current issued Ordinary Share capital of 82,135,078 Ordinary Shares.

Anthony Balme, Vassilios Carellas and Nick von Schirnding are all directors of the Company and are therefore regarded as related parties as defined by the AIM Rules for Companies (the "AIM Rules"). The grant of Options as described above is a related party transaction for the purposes of Rule 13 of the AIM Rules.  Mr Paul Heber, being the only independent director, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

Further details concerning the grant of share options to PDMRs are set out below:

 

1.          

Details of the person discharging managerial responsibilities/person closely associated

(a)        

Full name of person Dealing

Anthony Balme

2.          

Reason for notification

(a)        

Position/status

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 of entity

Ortac Resources Inc

(b)        

LEI

213800XHFJVCC9GP2G75

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

Share options over ordinary shares of no par value

(b)        

Identification code

VGG6829M1005

(c)        

Nature of the transaction

Grant of options over ordinary shares

(d)        

Price(s) and volume(s)

Prices(s)

Volume(s)

4 pence

700,000

(e)        

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

4 pence

700,000

(f)         

Date of transaction

23 March 2017

16:00 hrs UTC

(g)        

Place of transaction

Outside a trading venue

 

 

1.          

Details of the person discharging managerial responsibilities/person closely associated

(a)        

Full name of person Dealing

Vassilios Carellas

2.          

Reason for notification

(a)        

Position/status

CEO

(b)        

Initial notification/ Amendment

Initial notification

3.          

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

(a)        

Name of entity

Ortac Resources Inc

(b)        

LEI

213800XHFJVCC9GP2G75

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

Share options over ordinary shares of no par value

(b)        

Identification code

VGG6829M1005

(c)        

Nature of the transaction

Grant of options over ordinary shares

(d)        

Price(s) and volume(s)

Prices(s)

Volume(s)

4 pence

700,000

(e)        

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

4 pence

700,000

(f)         

Date of transaction

23 March 2017

16:00 hrs UTC

(g)        

Place of transaction

Outside a trading venue

 

 

1.          

Details of the person discharging managerial responsibilities/person closely associated

(a)       

Full name of person Dealing

Nick von Schirnding

2.          

Reason for 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 of entity

Ortac Resources Inc

(b)         

LEI

213800XHFJVCC9GP2G75

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

Share options over ordinary shares of no par value

(b)         

Identification code

VGG6829M1005

(c)         

Nature of the transaction

Grant of options over ordinary shares of no par value

(d)         

Price(s) and volume(s)

Prices(s)

Volume(s)

4 pence

1,400,000

(e)         

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

 pence

1,400,000

(f)          

Date of transaction

23 March 2017

16:00 hrs UTC

(g)         

Place of transaction

Outside a trading venue

 

1.       

Details of the person discharging managerial responsibilities/person closely associated

(a)      

Full name of person Dealing

Chuck Forrest

2.       

Reason for notification

(a)      

Position/status

Interim CFO

(b)      

Initial notification/ Amendment

Initial notification

3.       

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

(a)      

Name of entity

Ortac Resources Inc

(b)      

LEI

213800XHFJVCC9GP2G75

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

Share options over ordinary shares of no par value

(b)      

Identification code

VGG6829M1005

(c)      

Nature of the transaction

Grant of options over ordinary shares

(d)      

Price(s) and volume(s)

Prices(s)

Volume(s)

4 pence

700,000

(e)      

Aggregated information:

- Aggregated volume

- Price

 

Single transaction as in 4(d) above

Prices(s)

Volume(s)

4 pence

700,000

(f)       

Date of transaction

23 March 2017

16:00 hrs UTC

(g)      

Place of transaction

Outside a trading venue

 

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.

**ENDS**



 

For further information, please contact:


Ortac Resources Ltd



Vassilios Carellas (CEO)

 +44 (0) 20 3874 8664


SP Angel (Nominated Adviser & Broker)

Ewan Leggat/Lindsay Mair

 +44 (0) 20 3470 0470


Joint Brokers

 



Beaufort Securities

Jon Belliss / Elliot Hance

 

+44 (0)20 7382 8300


Peterhouse Corporate Finance Limited

Guy Miller

Lucy Williams

+44 (0) 20 7469 0930

www.pcorpfin.com


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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