EASTLEIGH, UK / ACCESSWIRE / July 30, 2021 / As announced on 9 July 2021 and in accordance with the rules of the Company's Share Option Plan, i3 Energy plc announces that it has issued options over 53,705,491 ordinary shares to i3 staff and board, and has additionally issued 1,750,000 options to incoming staff and conditionally allocated 3,750,000 for additional hires as part of the Company's recent acquisition of assets as announced on 7 July 2021 (collectively the 'Options'). The exercise price of the Options is 11 pence per share, the price of the Placing Shares.
The number of Options issued to directors are as follows:
Options issued | |
| Richard Ames | 450,000 |
| Linda Beal | 550,000 |
| Neill Carson | 450,000 |
| John Festival | 450,000 |
| Graham Heath | 5,375,000 |
| Majid Shafiq | 7,000,000 |
The New Options will vest after three years, subject to accelerated vesting on the following performance targets being met:
a) For employees of i3 Energy North Sea Limited (other than the executive Directors and those employees in corporate roles)
- One-third on Admission (announced 27 July 2021);
- One-third at spud of the earlier of a second appraisal well or first development well at either Serenity or Liberator; and
- 100 per cent. upon the addition of 2,500 bopd of European production.
b) For employees of i3 Energy Canada Ltd.
- One-third on Admission (announced 27 July 2021);
- One-third if production of 20,000 boepd is achieved prior to July 2022 (substantially funded from internally generated cash flow); and
- 100 per cent. upon the addition of 9,250 boepd or 50 MMboe 2P reserves.
c) For the Directors and those employees of the Group in corporate roles
- One-third on Admission (announced 27 July 2021);
- One-third: (i) at spud of the earlier of a second appraisal well or first development well at either Serenity or Liberator; or (ii) if production of 20,000 boepd is achieved prior to July 2022 (substantially funded from internally generated cash flow), whichever is first to occur; and
- 100 per cent. upon: (i) the addition of 2,500 bopd of European production; or (ii) the addition of 9,250 boepd or 50 MMboe 2P reserves, whichever is first to occur.
To incentivise the UK and Canadian offices of the Group to work as one team and assist each other as required going forward, if one of the offices satisfies one of the early vesting criteria for the New Options (other than on Admission), then the equivalent vesting criteria for the other office shall be deemed 20 per cent satisfied (and a further 6.67 per cent. of the New Options held by employees in the other office would vest immediately).
Regardless of the above, 100% of the options will vest if there is a change of control of the Company.
Immediately following this announcement, the Company has in issue 1,091,424,766 Ordinary Shares of £0.0001 each, 5,000 deferred shares of £10.00 each, 43,056,153 warrants at an exercise price of £0.0001, 4,225,204 warrants at an average exercise price of £0.4733, 853,653 options at an exercise price of £0.0001, 74,884,252 options at an exercise price of £0.05, 13,166,358 options at an exercise price of £0.061, and 59,205,491 options at an exercise price of £0.11 (of which 3,750,000 are conditional upon potential new hires joining the Company).
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM | |||||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
a) | Name | Majid Shafiq | |||
2 | Reason for the notification | ||||
a) | Position/status | CEO | |||
b) | Initial notification/ Amendment | Initial | |||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | i3 Energy PLC | |||
b) | LEI | 213800949OZA9QA9FS17 | |||
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 | Options over ordinary shares | |||
b) | Nature of the transaction | Share Option Plan | |||
c) | Price(s) and volume(s) | Price(s) Volume(s) £0.11 7,000,000 | |||
d) | Aggregated information - Aggregated volume - Price | 7,000,000 £0.11 | |||
e) | Date of the transaction | 28/07/2021 | |||
f) | Place of the transaction | Off market | |||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Graham Heath |
| 2 | Reason for the notification | |
| a) | Position/status | CFO |
| b) | Initial notification/ Amendment | Initial |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | i3 Energy PLC |
| b) | LEI | 213800949OZA9QA9FS17 |
| 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 | Options over ordinary shares |
| b) | Nature of the transaction | Share Option Plan |
| c) | Price(s) and volume(s) | Price(s) Volume(s) £0.11 5,375,000 |
| d) | Aggregated information - Aggregated volume - Price | 5,375,000 £0.11 |
| e) | Date of the transaction | 28/07/2021 |
| f) | Place of the transaction | Off market |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Richard Ames |
2 | Reason for the notification | |
a) | Position/status | Non-Executive Director |
b) | Initial notification/ Amendment | Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | i3 Energy PLC |
b) | LEI | 213800949OZA9QA9FS17 |
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 | Options over ordinary shares |
b) | Nature of the transaction | Share Option Plan |
c) | Price(s) and volume(s) | Price(s) Volume(s) £0.11 450,000 |
d) | Aggregated information - Aggregated volume - Price | 450,000 £0.11 |
e) | Date of the transaction | 28/07/2021 |
f) | Place of the transaction | Off market |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Neill Carson |
2 | Reason for the notification | |
a) | Position/status | Non-Executive Director |
b) | Initial notification/ Amendment | Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | i3 Energy PLC |
b) | LEI | 213800949OZA9QA9FS17 |
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 | Options over ordinary shares |
b) | Nature of the transaction | Share Option Plan |
c) | Price(s) and volume(s) | Price(s) Volume(s) £0.11 450,000 |
d) | Aggregated information - Aggregated volume - Price | 450,000 £0.11 |
e) | Date of the transaction | 28/07/2021 |
f) | Place of the transaction | Off market |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | John Festival |
2 | Reason for the notification | |
a) | Position/status | Non-Executive Director |
b) | Initial notification/ Amendment | Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | i3 Energy PLC |
b) | LEI | 213800949OZA9QA9FS17 |
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 | Options over ordinary shares |
b) | Nature of the transaction | Share Option Plan |
c) | Price(s) and volume(s) | Price(s) Volume(s) £0.11 550,000 |
d) | Aggregated information - Aggregated volume - Price | 450,000 £0.11 |
e) | Date of the transaction | 28/07/2021 |
f) | Place of the transaction | Off market |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Linda Beal |
2 | Reason for the notification | |
a) | Position/status | Non-Executive Chairperson |
b) | Initial notification/ Amendment | Initial |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | i3 Energy PLC |
b) | LEI | 213800949OZA9QA9FS17 |
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 | Options over ordinary shares |
b) | Nature of the transaction | Share Option Plan |
c) | Price(s) and volume(s) | Price(s) Volume(s) £0.11 550,000 |
d) | Aggregated information - Aggregated volume - Price | 550,000 £0.11 |
e) | Date of the transaction | 28/07/2021 |
f) | Place of the transaction | Off market |
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Enquiries: i3 Energy plc WH Ireland Limited (Nomad and Joint Broker) Canaccord Genuity Limited (Joint Broker) Tennyson Securities (Joint Broker) Camarco Notes to Editors: i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in Canada's most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside. The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned asset base and the acquisition of long life, low decline conventional production assets. i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance ("ESG") practices. i3 is proud of its performance to date as a responsible steward of the environment, people, and capital management. The Company is committed to maintaining an ESG strategy, which has broader implications to long-term value creation, as these benefits extend beyond regulatory requirements. i3 Energy is listed on the AIM market of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For further information on i3 Energy please visit https://i3.energy/ The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014. |
SOURCE: i3 Energy plc