Issue of Options

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RNS Number : 0872U

Galileo Resources PLC

28 July 2022

Galileo Resources Plc
(“Galileo” or the “Company”)

Issuance of Director & Employee share options

Galileo, the exploration and development mining company, announces that options to subscribe for 39,000,000 new ordinary shares of the Company (“Ordinary Shares”) were granted on 27 July 2022 to the directors of the Company and key officers and employees at an exercise price of 1.35 pence per share, vesting immediately.  The options have a term of five years and any unexercised options will expire at midnight on 27 July 2027.

The options announced today will result in an increase of 39,000,000 options held by Directors, officers, and employees of the Company. Subsequent to this grant, a total of 97,700,000 share options are held by the Company’s current Directors, officers and employees representing approximately 8.80 % of the Company’s fully diluted share capital outstanding.  All outstanding options held by current Directors, officers, and employees, other than those included in this grant, have exercise prices ranging between 1.30 and 1.85 pence per share.

The Board approved the issuance of these share option grants to incentivise and retain key Directors, officers and employees critical to enhancing the future market value of the Company and notes the significant premium of the respective exercise prices relative to the current share price. The Board considered both historical practices and on-going funding requirements in this regard.  

The option exercise price is at approximately 45% premium to the closing mid-market price as at 26 July 2022 of 0.925 pence.

The grants made to the directors are as follows:

Director Number of Options Exercise price


Vesting Option


Colin Bird 15,000,000 1.35 Immediately 27/07/25
Edward Slowey 5,500,000 1.35 Immediately 27/07/25
Christopher Molefe 1,000,000 1.35 Immediately 27/07/25
Joel Silberstein 4,000,000 1.35 Immediately 27/07/25
Other PDMRs        
Eduard Victor 1,000,000 1.35 Immediately 27/07/25
Other employees 12,500,000 1.35 Immediately 27/07/25
Total 39,000,000      



Following the implementation of the above option grant, the directors will hold the following options over Ordinary Shares:

Director Number of Ordinary Shares to which the options relate Option exercise price


Colin Bird 15,000,000 1.35
  7,500,000 1.30
  7,500,000 1.80
  3,500,000 1.85
  3,500,000 1.45
Joel Silberstein 4,000,000 1.35
  1,000,000 1.85
  1,000,000 1.45
Edward Slowey 5,500,000 1.35
  500,000 1.30
  500,000 1.80




Richard Wollenberg






  500,000 1.45
  500,000 1.85
Christopher Molefe 1,000,000






  300,000 1.45
  300,000 1.85


A copy of this announcement is available on the Company’s website

You can also follow Galileo on Twitter: @GalileoResource.

For further information, please contact: Galileo Resources PLC


Colin Bird, Chairman

Edward Slowey, Executive Director

Tel +44 (0) 20 7581 4477

Tel +353 (0) 601 4466


Beaumont Cornish Limited – Nomad

Roland Cornish/James Biddle

Tel +44 (0) 20 7628 3396
Novum Securities Limited – Joint Broker

Colin Rowbury /Jon Belliss

+44 (0) 20 7399 9400
Shard Capital Partners LLP – Joint Broker

Damon Heath

Tel +44 (0) 20 7186 9952


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