7 April 2022

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM) 

Share issue - Consultants & Director

Director/PDMR Shareholding

GCM Resources plc, an AIM quoted mining and energy company, 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 26 October 2018 and extended on 29 June 2020, with Dyani Corporation Limited ("Dyani") (the "Dyani Agreement"), and in accordance with the consultancy agreement announced on 4 September 2019, with DG Infratech Pte Ltd ("DG") (the "DG Agreement") (together, the "Agreements").

The Agreements provide that new Ordinary Shares would be awarded to Dyani and DG, and thus the following monthly consulting fees will be settled via the issuance of new Ordinary Shares:

·      in lieu of Dyani's retainer fee for the period from 1 April 2021 to 31 March 2022, the Company will issue 2,142,857 new Ordinary Shares to Dyani;

·      in lieu of DG's retainer fee for the period from 1 March 2021 to 31 August 2021, the Company will issue 400,000 new Ordinary Shares to DG.

GCM confirms that following the issue of new Ordinary Shares, Dyani will be interested in 15.67% of the Company's enlarged issued ordinary share capital.

Under the terms of the Dyani & DG Agreements, there are no restrictions on disposal of the shares issued in respect of the retainer fees issued to either Dyani or 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 705,883 new ordinary shares of £0.01 each in the Company ("New Ordinary Shares") to Keith Fulton, for his services as Executive Director of the Company for the period 1 July 2019 to 31 December 2021, as part of his director remuneration agreement from June 2019.

On Admission, Keith Fulton will have an interest in 705,883 Shares, representing approximately 0.39 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, 3,248,740 new Ordinary Shares to be admitted to AIM ("Admission"). It is expected that Admission will become effective on 13 April 2022.  Following Admission, the Company's enlarged issued share capital will comprise 182,305,226 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.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the “UK MAR”) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company’s obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain..

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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 is capable of supporting over 6,000MW power generation. GCM is awaiting approval from the Government of Bangladesh to develop the Project. The Company, together with credible, internationally recognised strategic partners, has a strategy of positioning its proposed coal to supply power plants at the mine-mouth and other coal-fired power projects in Bangladesh.  GCM aims to deliver a practical power solution to provide the cheapest 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.