Greatland Gold plc (LON:GGP), the London Stock Exchange AIM quoted precious and base metals exploration and development business was notified on 29 April 2016 of the following two purchases of Company shares by directors and their connected persons.
On 29 April 2016, Alex Borrelli, Non-Executive Director of Greatland Gold purchased 3,000,000 ordinary shares of 0.1 pence each (“Ordinary Shares”) in the Company at an average price of 0.32 pence per Ordinary Share.
On 29 April 2016, Michelle Johnson, wife of Paul Johnson, Non-Executive Director of Greatland Gold purchased 2,000,000 Ordinary Shares at an average price of 0.318 pence per Ordinary Share.
Director Beneficial Holdings
Following this purchase Alex Borrelli is the beneficial holder of 3,000,000 Ordinary Shares, representing 0.25 per cent of the issued share capital of the Company.
Subject to shareholder approval at the General Meeting on 11 May 2016 (announced on 25 April 2016), Alex Borrelli has agreed to sacrifice a proportion of his salary for the next 12 months in exchange for 10,000,000 Ordinary Shares in the Company (announced 20 April 2016). Should the issue of Ordinary Shares be approved by shareholders, Alex Borrelli will then have a beneficial interest in 13,000,000 Ordinary Shares, representing 0.88 per cent of the Company’s issued share capital, enlarged as a result of the placing that was announced on 22 April 2016, and the issue of Ordinary Shares issued pursuant to the salary sacrifice proposal.
Paul and Michelle Johnson are now the beneficial holders of 58,666,667 shares representing 4.92 per cent of the issued share capital of the Company.
In addition, subject to shareholder approval at the General Meeting on 11 May 2016, Paul Johnson has also elected to accept 10,000,000 Greatland Gold Ordinary Shares in exchange for a proportion of his salary for the next 12 months.
Conditional on receiving shareholder approval at the same General Meeting, Paul Johnson is also participating in the placing announced on 22 April 2016, with an acquisition of 13,333,333 Ordinary Shares at a cost of £25,000.
Should the issue of Ordinary Shares, pursuant to both the salary sacrifice proposal and the placing, be approved by shareholders, Paul and Michelle Johnson will then hold 82,000,000 Greatland Gold Ordinary Shares, representing 5.52 per cent of the Company’s enlarged issued share capital.