Grant of share options to Directors & staff
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ECR Minerals PLC (AIM: ECR), the gold exploration and development company focused on Australia, announces the grant of options ("Options") to directors of the Company and certain staff members to subscribe for a total of 210,000,000 new ordinary shares of 0.001 pence each in the Company ("Ordinary Shares").
Each Option provides the holder with the right to receive one new Ordinary Share on its exercise. 157,500,000 of the Options were granted with an exercise price of 0.50 pence per new Ordinary Share and 52,500,000 of the Options were granted with an exercise price of 0.75 pence per new Ordinary Share, representing a premium of approximately 61 per cent. and approximately 142 per cent. respectively to the mid-market closing price of 0.31 pence per Ordinary Share on 5 December 2024.
The Options in aggregate will represent 9.58 per cent of the Company's enlarged share capital following completion of the Company's subscription as originally announced on 25 November 2024. The Options are exercisable over five years from the date of grant, which is considered to provide a clear incentive for management and staff members to contribute to ECR's long-term success. The Options will expire on the fifth anniversary of the date of grant if not exercised.
In making this award the Remuneration Committee noted that the Company's directors and other members of the team have taken the majority of their remuneration over the last 15 months in Ordinary Shares, demonstrating a strong commitment to the Company's growth. The Remuneration Committee considered that these awards of Options offer significant incentive and alignment with shareholders as a whole in relation to ECR's future success, for which the Board believes the Company is well positioned, supported by its robust operational progress and strategic developmental activities. The Remuneration Committee also noted that the Company's market capitalisation has more than doubled from 15 September 2023, being the date of the appointment of the new management team.
The Options form part of a new share option scheme and the Company intends to consider option awards on an annual basis but is making these one-off awards now given the significant milestones recently achieved.
The following awards have been made:
| Name | Title | Options exercisable at 0.50p | Options exercisable at 0.75p |
|---|---|---|---|
| Nick Tulloch | Chairman | 52,500,000 | 17,500,000 |
| Mike Whitlow | Managing Director | 52,500,000 | 17,500,000 |
| Andrew Scott | Non-executive Director | 30,000,000 | 10,000,000 |
| Trevor Davenport | Non-executive Director | 7,500,000 | 2,500,000 |
| Other staff members, including Chief Geologist Adam Jones | n/a | 15,000,000 | 5,000,000 |
| 2 | Reason for the notification | ||
| a) | Position/status | See above | |
| b) | Initial notification /Amendment | Initial notification | |
| a) | Name | ECR Minerals plc | |
| b) | LEI | 213800PBXY96KXHISJ17 | |
| a) | Description of the financial instrument, type of instrument Identification code | Options over Ordinary shares of 0.001p each in ECR Minerals plc Identification code (ISIN) for ECR Minerals plc ordinary shares: GB00BYYDKX57 | |
| b) | Nature of the transaction | Grant of Options over Ordinary Shares | |
| c) | Price(s) and volume(s) | Name Price(s) Volume(s) Nick Tulloch 0.50 pence 52,500,000 Mike Whitlow 0.50 pence 52,500,000 Andrew Scott 0.50 pence 30,000,000 Trevor Davenport 0.50 pence 7,500,000 Nick Tulloch 0.75 pence 17,500,000 Mike Whitlow 0.75 pence 17,500,000 Andrew Scott 0.75 pence 10,000,000 Trevor Davenport 0.75 pence 2,500,000 | |
| d) | Aggregated information: - Aggregated volume - Price | N/A | |
| e) | Date of the transaction | 6 December 2024 | |
| f) | Place of the transaction | Outside a trading venue |
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