Business
Options issue and exercise
Options issue and exercise.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n\n29 August 2024 \n \nIssue of Shares due to existing option exercise and grant of Share Options\nZanaga 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\").\nFurther details on the Company's share issuance, and option award, are provided below:\n1) Share issuance (the \"Equity Issue\"):\na. 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\")\n2) Grant of new options to CEO (the \"New Options\")\na. 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:\ni. 500,000 of the shares would vest and become capable of exercise immediately\nii. 1,000,000 of the shares would vest and become capable of exercise on 1 November 2024.\nAdmission\nAn 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.\nThis 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.\nFollowing the grant of the New Options and the exercise of options described in this announcement, the Company will ha...