REG - Zanaga Iron Ore - Options issue and exercise

Zanaga Iron OreAnnouncement

29/08/2024 07:00

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RNS Number : 0640C  Zanaga Iron Ore Company Ltd  29 August 2024

29 August 2024

 

Issue of Shares due to existing option exercise and grant of Share Options

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC)
announces that the Company has issued new ordinary shares of no par value in
in the Company ("Ordinary Shares") in relation to the exercise of existing
share options by former management, and has granted new share options to the
Company's Chief Executive Officer ("CEO").

Further details on the Company's share issuance, and option award, are
provided below:

1)    Share issuance (the "Equity Issue"):

a.    Issue of 2,000,000 new Ordinary Shares to a former management
employee, upon the exercise of options, which had already vested, under the
Company's long term incentivization plan ("LTIP")

2)    Grant of new options to CEO (the "New Options")

a.    As part of the Company's intention to incentivise management, the
Board of ZIOC has granted share options in respect of 1,500,000 shares in the
Company to the CEO, Mr Martin Knauth, at an exercise price of 0.01 pence per
share, with the following vesting conditions:

i.  500,000 of the shares would vest and become capable of exercise
immediately

ii. 1,000,000 of the shares would vest and become capable of exercise on 1
November 2024.

Admission

An application for the admission to trading on the AIM Market of the London
Stock Exchange of the new Ordinary Shares to be issued pursuant to the Equity
Issue has been made and the 2,000,000 new Ordinary Shares are expected to be
admitted to trading on AIM on or around 3 September 2024. These shares will
rank pari passu with the Company's existing Ordinary Shares from their date of
issue. The Company does not hold any shares in treasury. Following admission
of these new Ordinary Shares, the total number of Ordinary Shares and voting
rights in the Company will be 675,793,471.

This figure of 675,793,471 Ordinary Shares may be used by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency Rules.

Following the grant of the New Options and the exercise of options described
in this announcement, the Company will have 6,903,675 Options outstanding.

 

Clifford Elphick, Chairman of ZIOC commented:

"Marty has played an instrumental role in delivering an update cost estimate
for the Zanaga Project and advancing progress with potential Strategic
Investors. The ZIOC Board has unanimously agreed to the granting of share
options and is delighted with Marty's efforts to date, and expect to see his
efforts delivering meaningful outcomes in due course."

 

The Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.

 

For further information, please contact:

 

Zanaga Iron Ore

Corporate Development and
Andrew Trahar

Investor Relations Manager
+44 20 7399 1105

Panmure Liberum Limited

Nominated Adviser, Financial
Scott Mathieson, John More

Adviser and Corporate Broker                       +44
20 3100 2000

Shard Capital Partners LLP

Corporate
Broker
Damon Heath

 
+44 207 186 9952

 

 

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