LONDON - Rome Resources Plc (AIM: RMR), a tin exploration company focused on the Democratic Republic of Congo (DRC), has issued 221,544,334 warrants over new ordinary shares. The issuance includes warrants granted to certain company directors and a member of senior management, as well as a professional adviser, as compensation for their additional efforts beyond their regular duties.
The company has detailed that the exercise of these warrants, priced at 0.35 pence each—the closing mid-market price of an ordinary share on December 24, 2024—could potentially bring in approximately £0.78 million in gross proceeds if fully exercised. This exercise price coincides with the day before the issue of the warrants.
The majority of these warrants, 123,438,467 in total, have been allocated to directors Marc Mathenz and Edouard Etienvre. Mathenz, who holds an existing 18,500,000 warrants, received an additional 83,665,933, bringing his total to 102,165,933. Etienvre, who had no previous warrants, was granted 39,772,534. These grants are in recognition of their significant contributions to the company, such as Mathenz's involvement in the legal settlement of a Mozambique claim and Etienvre's role in securing strategic investment, which recently culminated in a successful £4.2 million fundraising effort.
The company has stated that the exercise of these warrants is contingent upon receiving the necessary authority at the company's next general meeting of shareholders. The warrants will be valid for a period of five years from the date of this meeting, with any unexercised warrants expiring without compensation after this period. These warrants are not transferable without the company's consent and will not be traded on AIM or any other stock exchange.
The issuance of warrants to Mathenz and Etienvre is considered a related party transaction under the AIM Rules for Companies. The independent directors of Rome Resources, having consulted with the company's nominated adviser, Allenby Capital, have stated that the terms of this transaction are fair and reasonable with respect to the company's shareholders.
This report is based on a press release statement from Rome Resources Plc.
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