Director Shareholding & Issue of Equity
Cobra Resources plc announced several key transactions, including a £140,000 investment by Non-Executive Chairman Andrew Michelmore AO through a subscription of 3,500,000 ordinary shares at £0.04 each. The company also granted 10,750,000 options to directors and 5,750,000 options to employees and consultants, exercisable at 6 pence per share, and issued 4,000,000 warrants to project landowners at an 8 pence strike price. Furthermore, Cobra issued 12,082,565 Manna Hill Acquisition Shares at 4.34 pence each to acquire 100% of the Manna Hill Project. These new shares are expected to be admitted to trading on July 17, 2026, bringing the total issued share capital to 1,075,653,414 ordinary shares.
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Cobra (LSE: COBR), a South Australian mineral exploration and development company, announces a director subscription in the Company, the grant of options over ordinary shares of nominal value 1 pence each ("Ordinary Shares") to certain Directors and employees as set out below (the "Options"), as well as the grant of certain warrants over Ordinary Shares ("Warrants"), and the issue of Ordinary Shares in connection with the Manna Hill Project acquisition ("Consideration Shares").
Director Subscription
Cobra's chairman and global mining industry leader, Andrew Michelmore AO, invests £140,000 in the Company
Andrew Michelmore AO, the recently appointed Non-Executive Chairman of the Company, has conditionally subscribed for 3,500,000 Ordinary Shares ("Subscription Shares") at a price of £0.04 per Ordinary Share ("Subscription"), being equal to the closing price on 13 July 2026.
Rupert Verco, Managing Director of Cobra, commented:
"Andrew Michelmore AO is a recognised leader in the Australian mining industry. We are pleased with his vote of confidence in Cobra through his investment in the Company."
Issue of Options and Warrants
Options designed to encourage retention of key individuals
Cobra has granted options over 10,750,000 ordinary shares to certain Directors as set out below, as well as 5,750,000 options (together, "Options") to certain key employees and consultants to the Company for the purpose of encouraging the retention of key individuals.
The Options were awarded on 14 July 2026 at an exercise price of 6 pence per Ordinary Share. The Options will vest upon one year of service. Details of the grant of Options to Directors and employees/consultants is set out below:
| Director/PDMR | Existing number of options held | Number of new Options granted | Total number of options held following issue |
|---|---|---|---|
| Daniel Maling | 5,000,000 | 1,750,000 | 7,750,000 |
| Andrew Michelmore | - | 9,000,000 | 9,000,000 |
| Employees/consultants | |||
| Employees and consultants | - | 5,750,000 | 5,750,000 |
The Company has also issued 4,000,000 Warrants to certain key stakeholders of the Company, being the Boland Project and the Manna Hill Project landowners. The Warrants are exercisable at a strike price of 8 pence and are exercisable for a period of four years from the date of issue.
The Company has consulted with its major shareholders who have indicated their support in respect of the grant of the Options and the Warrants and the Subscription.
Issue of Manna Hill Consideration Shares
Cobra has exercised the Manna Hill Option and is now progressing two significant South Australian projects in parallel
In accordance with the Manna Hill Option Agreement announced on 26 August 2025, Cobra announces it will issue 12,082,565 new Ordinary Shares at an issue price of 4.34 pence per share ("Manna Hill Acquisition Shares") to Derby Terrace Limited to acquire 100% of the share capital of Hamelin Gully Pty Ltd (holder of the Manna Hill Project licences).
Admission and total voting rights
Application will be made for the Subscription Shares and the Consideration Shares (together, "New Shares") to be admitted to trading on the main market for listed securities of London Stock Exchange plc ("London Stock Exchange") ("Admission"). It is anticipated that Admission will become effective, and that dealings in the New Shares will commence, at 8.00 a.m. (London time) on or around 17 July 2026.
The New Shares will, when issued, be credited as fully paid and rank pari passu in all respects with the existing Ordinary Shares of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid.
Immediately following Admission, and in accordance with FCA Disclosure Guidance and Transparency Rule 5.6.1, the Company's total issued share capital will comprise 1,075,653,414 Ordinary Shares. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Regional map showing Cobra's tenements in South Australia
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| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Daniel Maling | ||||
| 2 | Reason for Notification | |||||
| a) | Position/status | Non-Executive Director, PDMR | ||||
| b) | Initial notification/amendment | Initial notification | ||||
| a) | Name | Cobra Resources plc | ||||
| b) | LEI | 213800XTW5PLLK72TQ57 | ||||
| a) | Description of the financial instrument, type of instrument | Options over Ordinary Shares | ||||
| Identification code | GB00BGJW5255 | |||||
| b) | Nature of the transaction | Grant of Share Options | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information | |||||
| - Aggregated volume | N/A | |||||
| - Price | N/A | |||||
| e) | Date of the transaction | 14 July 2026 | ||||
| f) | Place of the transaction | Off Market | ||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Andrew Michelmore AO | ||||
| 2 | Reason for Notification | |||||
| a) | Position/status | Non-Executive Director (Chair), PDMR | ||||
| b) | Initial notification/amendment | Initial notification | ||||
| a) | Name | Cobra Resources plc | ||||
| b) | LEI | 213800XTW5PLLK72TQ57 | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary Shares | ||||
| Identification code | GB00BGJW5255 | |||||
| b) | Nature of the transaction | Subscription for Ordinary Shares | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information | |||||
| - Aggregated volume | N/A | |||||
| - Price | N/A | |||||
| e) | Date of the transaction | 14 July 2026 | ||||
| f) | Place of the transaction | Off Market | ||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Andrew Michelmore AO | ||||
| 2 | Reason for Notification | |||||
| a) | Position/status | Non-Executive Director (Chair), PDMR | ||||
| b) | Initial notification/amendment | Initial notification | ||||
| a) | Name | Cobra Resources plc | ||||
| b) | LEI | 213800XTW5PLLK72TQ57 | ||||
| a) | Description of the financial instrument, type of instrument | Options over Ordinary Shares | ||||
| Identification code | GB00BGJW5255 | |||||
| b) | Nature of the transaction | Grant of Share Options | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information | |||||
| - Aggregated volume | N/A | |||||
| - Price | N/A | |||||
| e) | Date of the transaction | 14 July 2026 | ||||
| f) | Place of the transaction | Off Market |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.