RNS

RNS Number : 0093X
Ortac Resources Limited
20 November 2017
 

20 November 2017

Ortac Resources Ltd

("Ortac" or the "Company")

Grant of Share Options

Ortac Resources Ltd, the AIM listed exploration and mine development company, is pleased to announce that the Company has agreed to issue options over a total 12,025,710 new ordinary shares of no par value ("Ordinary Shares") of the Company ("Share Options") to Nick von Schirnding, Chairman of Ortac and Vassilios Carellas, Chief Operating Officer.

The Share Options have an exercise price of 2.625 pence per Ordinary Share, being the closing mid-market price for Ordinary Shares of Ortac on 17 November 2017. The Share Options expire on 17 November 2022.

Details of the Share Options granted are set out below:

 

 

Name

 

Title

Number of new Share Options granted

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

 

Nick von Schirnding

Chairman

6,220,195

 

7,620,195

 

Vassilios Carellas

Chief Operating Officer

5,805,515

7,605,515

 

Total


12,025,710

 

15,225,710

Following the above grant, there are a total of 16,080,710 Share Options granted over unissued Ordinary Shares granted to Directors and employees of the Company, representing approximately 4.82% of the Company's current issued Ordinary Share capital of 333,801,654 Ordinary Shares.

Nick von Schirnding is a director of Ortac and Vasilios Carellas is a person discharging managerial responsibilities ("PDMR") and are therefore regarded as related parties as defined by the AIM Rules for Companies (the "AIM Rules"). The grant of Options to each of them is classified as a related party transaction for the purposes of Rule 13 of the AIM Rules. Mr Brian McMaster, 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.

 

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.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

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)          

Full name of person Dealing

Nick von Schirnding

2.             

Reason for notification

(a)          

Position/status

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

VGG6829M1187

(c)           

Nature of the transaction

Grant of options over ordinary shares

(d)          

Price(s) and volume(s)

Prices(s)

Volume(s)

2.625 pence

6,220,195

(e)           

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.625 pence

6,220,195

(f)           

Date of transaction

2017-11-20

 

(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

Chief Operating Officer (non-Board)

(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

VGG6829M1187

(c)           

Nature of the transaction

Grant of options over ordinary shares

(d)          

Price(s) and volume(s)

Prices(s)

Volume(s)

2.625 pence

5,805,515

(e)           

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

2.625 pence

5,805,515

(f)           

Date of transaction

2017-11-20

 

(g)           

Place of transaction

Outside a trading venue

 

**ENDS**



 

For further information, please contact:


Ortac Resources Ltd



Nick von Schirnding (Chairman)

 +44 (0) 20 7389 9050


SP Angel (Nominated Adviser & Broker)

Ewan Leggat / Lindsay Mair / Soltan Tagiev

 +44 (0) 20 3470 0470



 


 

Celicourt Communications (PR)

Mark Antelme / Jimmy Lea

+44 (0) 20 7520 9261

 


 


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