Issue of Equity, Performance Rights and Options

25 June 2020

 

Kore Potash Plc

("Kore Potash" or the "Company")

 

Issue of Equity, Performance Rights and Options and Cancellation of certain Performance Rights

 

Kore Potash plc, the potash exploration and development company whose flagship asset is the 97%-owned Sintoukola Potash Project ("Kola" or the "Project"), announces the following Issues of Equity, Performance Rights and Options and the cancellation of certain Performance Rights.

 

Issues of Equity

A total of 2,258,333 new Ordinary Shares of US$0.001 each in the Company have been issued to certain current and former employees of the Company to satisfy the conversion of vested Performance Rights in ordinary shares.   Of these, 1,410,000, have been issued to Gavin Chamberlain, the Company's Chief Operating Officer. In order to subscribe for the shares in respect of the vested Performance Rights each recipient was required to pay the aggregate of US$0.001 per share.

 

For ASX's purposes, these securities are issued under exception 9 of ASX Listing Rule 7.2.

 

Additionally, Align Research Limited ("Align Research"), an unrelated party to the Company, has initiated coverage on the Company and will provide on-going equity research services to the Company. As consideration for these services, 4,000,000 new Ordinary Shares of US$0.001 each in the Company are being issued to Align Research at an agreed price of 0.75p per share, being the prevailing price at the date of signing the agreement.

 

For ASX's purposes, these securities are issued under ASX Listing Rule 7.1.

 

Accordingly, application has been made for a total of 6,258,333 new Ordinary Shares of US$0.001 each in the Company to be admitted to trading on AIM, the JSE Limited and the Australian Securities Exchange on 30 June 2020.  These shares rank pari passu with the existing Ordinary Shares in issue.

 

Following these issues, the Company's issued share capital consists of 1,556,531,836 Ordinary Shares. No shares are held in treasury. Therefore, the total number of voting rights in the Company is 1,556,531,836.

 

The above figure 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

Issue of Performance Rights

The Company has issued 2,250,000 Performance Rights ("the Performance Rights") to employees under its Short Term Incentive Plan with the same performance criteria as the performance rights currently in issue with vesting conditions based on required service periods. These include the award of 850,000 Performance Rights to Gavin Chamberlain and 200,000 Performance Rights to Andrey Maruta, the Company's Chief Financial Officer. 

 

For ASX's purposes, these securities are issued under exception 13 of ASX Listing Rule 7.2.

 

Issue of Options

33,000,000 unlisted options to acquire Ordinary Shares in the Company ("Options") have been issued to certain employees under the Company's Long Term Incentive Plan.  These Options are exercisable at £0.022 each with an expiry date of 1 January 2024.  The Options vest over 3 years on a one third basis per annum. These include the award of 12,000,000 Options to each of Gavin Chamberlain and Andrey Maruta.

 

For ASX's purposes, these securities are issued under exception 13 of ASX Listing Rule 7.2.

 

Cancellation of Performance Rights and Performance Shares

Following the determination by the Board that the applicable vesting conditions within each category would not be achieved, 11,579,107 Performance Rights and Performance Shares previously issued have been cancelled as follows:

 

Performance Rights expiring 6 December 2020 (Employees)	1,001,250
Performance Rights expiring 1 March 2021 (ex-Director)	850,000
Performance Shares vesting on 31 May 2019	700,000
Performance Shares under Short Term Incentive Scheme Plan	52,004
Performance Shares under Long Term Incentive Plan	8,975,853

 

 

This announcement has been approved for release by the Board.

 

For further information, please visit www.korepotash.com or contact:

 

Kore Potash Brad Sampson - CEO		Tel: +27 11 469 9140
Tavistock Communications Jos Simson Edward Lee		Tel: +44 (0) 20 7920 3150
Canaccord Genuity - Nomad and Broker James Asensio Henry Fitzgerald-O'Connor		Tel: +44 (0) 20 7523 4600
Shore Capital - Joint Broker Jerry Keen Toby Gibbs Mark Percy		Tel: +44 (0) 20 7408 4090

 

 

 

 

Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Gavin Chamberlain
2	Reason for the notification
a)	Position/status	COO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary Shares of US$0.001 each
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Conversion of Performance Rights
c)	Price(s) and volume(s)	Price: US$0.001 Volume: 1,410,000
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	22 June 2020
f)	Place of the transaction	Outside a trading venue

  Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Gavin Chamberlain
2	Reason for the notification
a)	Position/status	COO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Performance Rights
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Award of Performance Rights
c)	Price(s) and volume(s)	Price: US$0.001 Volume:  850,000
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	22 June 2020
f)	Place of the transaction	Outside a trading venue

 

 

  Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Gavin Chamberlain
2	Reason for the notification
a)	Position/status	COO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Options
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Award of Options1
c)	Price(s) and volume(s)	Price: 2.2p Volume:  12,000,000
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	22 June 2020
f)	Place of the transaction	Outside a trading venue

 

 

 

 Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Andrey Maruta
2	Reason for the notification
a)	Position/status	CFO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Performance Rights
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Award of Performance Rights
c)	Price(s) and volume(s)	Price: US$0.001 Volume: 200,000
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	22 June 2020
f)	Place of the transaction	Outside a trading venue

 

 

  Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Andrey Maruta
2	Reason for the notification
a)	Position/status	CFO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kore Potash Plc
b)	LEI	213800NWX7EHG4UVC107
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Options
	Identification code	GB00BYP2QJ94
b)	Nature of the transaction	Award of Options
c)	Price(s) and volume(s)	Price: 2.2p Volume:  12,000,000
d)	Aggregated information	Aggregated volume: N/A Price: N/A
e)	Date of the transaction	22 June 2020
f)	Place of the transaction	Outside a trading venue