7 March 2024
GCM
Resources plc
("GCM" or
the "Company")
Warrants
Exercised
Share issue - Consultants
& Director
Director/PDMR
Shareholding
GCM Resources plc (LON: GCM), an AIM
quoted mining and energy company,
reports an exercise of warrants.
Warrant Exercise
The Company has received a notice to
exercise warrants over 606,060 new ordinary shares of 1 pence each
in the Company ("Warrant Shares") at an exercise price of 1.65 p
per Warrant Share, raising £10,000 for the Company.
Consultant's Shares
The Company also announces the
issuance of new ordinary shares of 1 pence each in the capital of
the Company ("Ordinary Shares") as payment of consulting fees in
accordance with the consultancy agreement announced on 22 August
2022, with DG Infratech Pte Ltd ("DG")
(the "DG
Agreement")
(together, the "Agreement").
The Agreement provides that new
Ordinary Shares would be awarded to DG, and thus the following
monthly consulting fee will be settled via the issuance of new
Ordinary Shares:
· in
lieu of DG's retainer fee for the period from 1 January 2023 to 31
December 2023 of £180,000, the Company will issue 4,363,636 new
Ordinary Shares to DG.
GCM confirms that following the
issue of new Ordinary Shares, DG will be interested in 4.165% of
the Company's
enlarged issued ordinary share capital.
Under the terms of the DG Agreement,
there are no restrictions on disposal of the shares issued in
respect of the retainer fees issued to DG, which are intended to
cover the respective consultants' costs in performing their
services.
Director Shares
GCM also announces the issue of a
total of 377,359 new ordinary shares of £0.01 each in the Company
("New Ordinary Shares") to Keith Fulton, for payment of his services as Executive Director of the
Company for the period 1 January 2023 to 31 December 2023 of
£10,000, as part of his director remuneration agreement from June
2019.
On Admission, Keith Fulton will have
an interest in 1,400,702 Shares, representing approximately 0.57
per cent. of the issued share capital of the Company, as enlarged
by the Fee Shares. The FCA notification, made in accordance with
the requirements of the EU Market Abuse Regulation, is appended
below.
Application will be made to the
London Stock Exchange for, in aggregate, 5,347,055 new Ordinary
Shares to be admitted to AIM ("Admission"). It is expected that
Admission will become effective on 11 March 2024. Following
Admission, the Company's enlarged issued share capital will
comprise 243,171,131 Ordinary Shares with voting rights in the
Company. As the Company holds no shares in treasury, this is the
total number of the voting rights in the Company which may be used
by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest,
or a change in the interest, in the share capital of the Company
under Chapter 5 of the FCA's Disclosure Guidance and Transparency
Rules as reflected in the Company's articles of
incorporation.
This announcement contains inside
information as defined in Article 7 of the EU Market Abuse
Regulation No 596/2014 and has been announced in accordance with
the Company's obligations under Article 17 of that
Regulation.
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GCM
Resources plc
Keith Fulton
Finance Director
+44 (0) 20 7290
1630
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WH
Ireland Ltd
James Joyce
James Bavister
Andrew De Andrade
+44 (0) 20 7220 1666
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GCM Resources plc
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Tel: +44 (0) 20 7290 1630
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info@gcmplc.com;
www.gcmplc.com
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About GCM Resources
GCM Resources plc (LON:GCM), the AIM
listed mining and energy company, has identified a high-quality
coal resource of 572 million tonnes (JORC 2004 compliant) at the
Phulbari Coal and Power Project (the "Project") in north-west
Bangladesh.
Utilising the latest highly energy
efficient power generating technology the Phulbari coal mine can
support some 6,600MW. GCM requires approval from the Government of
Bangladesh in order to develop the Project. The Company has a
strategy of linking the Company's mine proposal to supplying coal
to the Government of Bangladesh's existing and in the pipeline
coal-fired power plants and / or power plants developed development
partners. Together with credible, internationally recognised
strategic development partners, GCM aims to deliver a practical
power solution to provide the cheapest coal-fired electricity in
the country, in a manner amenable to the Government of
Bangladesh.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
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1
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Details of the person discharging managerial responsibilities
/ person closely associated
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a)
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Name
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Keith Fulton
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2
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Reason for the notification
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a)
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Position/status
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Executive Director
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b)
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Initial notification
/Amendment
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Initial notification
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3
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Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
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a)
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Name
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GCM Resources Plc
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b)
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LEI
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213800MXX5QHZNHCDU55
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4
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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
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a)
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Description of the financial
instrument, type of instrument
Identification code
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Ordinary Shares of 1p each
Identification code (ISIN) for GCM
Resources plc ordinary shares:
GB00B00KV284
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b)
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Nature of the transaction
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Issue of ordinary shares in
consideration of payment of director fees
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c)
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Price(s) and volume(s)
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Price(s)
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Volume(s)
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2.65
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377,359
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d)
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Aggregated information
- Aggregated volume
- Price
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N/A
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e)
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Date of the transaction
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5 March 2024
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f)
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Place of the transaction
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Outside a trading venue
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