15 July 2024
East Star Resources
Plc
("East Star" or the
"Company")
Issue of Performance Shares
to CEO
East Star Resources Plc (LSE:EST), the Kazakhstan focused copper exploration and
resource development company, announces the issuance of 31,874,202
ordinary shares of 1 pence each ("Ordinary Shares") to Alex Walker,
Chief Executive Officer of the Company (the "AW Performance
Shares") pursuant to the achievement of the Mineral Resource
Estimate performance threshold announced on 8 July 2024. The AW
Performance Shares are expected to be admitted to trading on or
around 16 July 2024.
At this time, only the 31,874,202
Performance Shares due to Mr Walker, being a director and employee
of the Company are to be issued.
The balance of 43,125,798
Performance Shares also due to be issued to the DVK Vendors (as
defined in the 8 July 2024 announcement) will now only be issued at
such time in the future when the Company has all necessary
approvals to admit them to trading, which, inter-alia, is likely to
require the publication of an approved Prospectus.
Sandy Barblett, East Star Chairman,
commented:
"Alex Walker and the team have done a tremendous job in
establishing a large copper JORC Inferred Mineral Resource at
Verkhuba which is now the subject of third-party interest. We are
pleased that this performance milestone has been achieved and
believe it is just the first of a number of future successes to
come from the Company's copper strategy. As outlined above, the
balance of the Performance Shares will be issued to the remaining
DVK Vendors - a highly supportive, long-term group of investors -
in due course."
Following the allotment and
admission of the 31,874,202 Performance Shares, Mr Walker, holds a
total of 53,153,403 Ordinary Shares representing 21.12 percent of
the enlarged share capital.
Admission of Shares and Total Voting Rights and
Warrants
An application has been made for the
AW Performance Shares, which will rank pari passu with the existing ordinary
shares in issue, to be admitted to trading on the Official List of
the UK Listing Authority and to trading on the Main Market of
London Stock Exchange plc ("Admission"). It is anticipated that
Admission will become effective and that dealings in the ordinary
shares will commence at 8.00 a.m. on or around 16 July
2024.
Following Admission, the Company
will have 251,724,699 ordinary shares in issue. The Company does
not hold shares in treasury, therefore the figure of 251,724,699
should be used by shareholders for the calculations by which they
will determine if they are required to notify their interest in, or
a change of their interest in, the share capital of the Company
under the FCA's Disclosure and Transparency Rules.
East Star
Resources Plc
Alex Walker, Chief Executive
Officer
Tel: +44 (0)20 7390 0234 (via Vigo
Consulting)
SI
Capital (Corporate Broker)
Nick Emerson
Tel: +44 (0)1483 413 500
Peterhouse Capital Limited (Corporate
Broker)
Peter Greensmith
Tel: +44 (0) 20 7469 0930
Vigo Consulting (Investor Relations)
Ben Simons / Peter Jacob
Tel: +44 (0)20 7390 0234
About East
Star Resources Plc
East Star Resources is focused on the discovery
and development of strategic minerals required for the energy
revolution. With eight licences covering >1,000 km² in three
mineral rich districts of Kazakhstan, East Star is undertaking
an intensive exploration programme, applying modern geophysics to
discover minerals in levels that were not previously explored. East
Star's most advanced project is a copper deposit on the world-class
Rudny Altai VMS Belt where the Company is working towards the
delivery of a JORC compliant open pit copper resource close to
infrastructure, within trucking distance of third-party mills with
excess capacity. East Star's management are based permanently on
the ground, supported by local expertise, a joint venture with the
state mining company on certain projects, and grant funding from
BHP through the BHP Xplor programme for copper porphyry
exploration.
Visit our
website:
www.eaststarplc.com
Follow us on
social media:
LinkedIn: https://www.linkedin.com/company/east-star-resources/
X (formerly
Twitter): https://twitter.com/EastStar_PLC
Subscribe to
our email alert service to be notified whenever East Star releases
news:
www.eaststarplc.com/newsalerts
The person who
arranged for the release of this announcement was Alex Walker, CEO
of the Company.
This announcement contains inside information
for the purposes of Article 7 of Regulation 2014/596/EU which is
part of domestic UK law pursuant to the Market Abuse (Amendment)
(EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the
publication of this announcement, this inside information (as
defined in UK MAR) is now considered to be in the public
domain.
Appendix
Director's
Subscription - Additional Information
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Alexander Casey Walker
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Chief Executive Officer
|
b)
|
Initial
notification/Amendment
|
Initial notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
East Star Resources PLC
|
b)
|
LEI
|
2138001Y6SMQC8DX2B40
|
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
Identification code
|
Ordinary shares of 1 pence per share
par value
GB00BN92HZ16
|
b)
|
Nature of the transaction
|
Issue of shares
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
5 pence *
|
31,874,202
|
|
|
* being the initial consideration price
on the acquisition of DVK in January 2022.
|
|
|
d)
|
Aggregated information
-
|
Aggregated volume
|
-
|
Price
|
|
As above
As above
|
e)
|
Date of the transaction
|
16 July 2024
|
f)
|
Place of the transaction
|
Outside a trading
venue
|