TIDM3LEG

RNS Number : 6112L

3Legs Resources plc

29 April 2015

3Legs Resources plc

("3Legs" or "the Company")

Grant of Options, Issue of Equity and Directorate Change

Following the appointment of new members of the Board and completion of the GBP800,000 placing on 16 February 2015, the Board has resolved to grant options to subscribe for up to 43,115,259 new ordinary shares (representing 10 per cent. of the Company's ordinary share capital as at today's date). The options are exercisable at 0.232p per share at any time up to 16 February 2021 subject to a condition that no option may be exercised if such exercise would trigger a requirement to make an offer under Rule 9 of the City Code on Takeovers and Mergers. The Board has granted 25,869,153 of the 43,115,259 options available for grant.

Details of the options granted to Directors of the Company are set out below.

 
 Director             Options granted 
 
 Richard Armstrong          8,623,051 
 Colin Weinberg             8,623,051

Up to 17,246,106 of the options are reserved for future grant but no director has any interest in such options unless or until a grant is made (which will be the subject of an announcement at the relevant time).

Issue of Equity

The Company has issued and allotted 2,155,172 new ordinary shares of 0.025p each at a price of 0.232p per share to its joint broker, Peterhouse Corporate Finance Limited, pursuant to the terms of its engagement letter.

Application has been made for the new shares to be admitted to trading on AIM which is expected to occur on 5 May 2015 ("Admission"). Following Admission, there will be 433,307,762 ordinary shares of 0.025p in issue with each share carrying the right to one vote.

Directorate Change

The Company announces that Alexander Fraser has resigned from the Board of Directors with immediate effect. As stated in the Company's announcement dated 27 January 2015, Mr. Fraser had agreed to remain with 3Legs for a transitional period following the return of capital to shareholders to oversee the handover to the new management team.

Richard Armstrong commented: "We would like to thank Alex for all his help in ensuring a smooth handover and wish him well for the future."

Enquiries

 
 3Legs Resources plc 
 Richard Armstrong                       Tel:    07787 500221 
 Colin Weinberg                          Tel:    07836 588504 
 
 Northland Capital Partners Limited      Tel:    0207 382 1100 
 (Nominated Adviser and Broker) 
 Matthew Johnson 
 Edward Hutton 
 
 Peterhouse Corporate Finance Limited    Tel:    0207 469 0934 
 (Joint Broker) 
 Lucy Williams 
 Duncan Vasey

This information is provided by RNS

The company news service from the London Stock Exchange

END

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