TIDMNTOG
RNS Number : 4955A
Nostra Terra Oil & Gas Company PLC
29 September 2020
29 September 2020
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Award of Options and Notice of General Meeting
Nostra Terra (AIM: NTOG), the oil & gas exploration and
production company with a portfolio of development and production
assets in Texas, USA advises that it has issued, in aggregate, 26.2
million options over ordinary shares in the Company ("Ordinary
Shares") to the Board of Directors and certain key management
("Incentive Options").
It is the aim of the Board of Directors of the Company to reward
key employees on a basis which is aligned with the interests of
shareholders and the performance of the Company. As such, the
Remuneration Committee has set stretching financial and shareholder
return criteria which must be met for the vesting of the awards
issued to executive management to occur.
15 million Incentive Options have been issued to the CEO, Matt
Lofgran, and a further 2.2 million Incentive Options have been
issued, in aggregate, to certain key management personnel. Each of
these awards are split into three equal tranches with exercise
prices of 0.50p, 0.75p, and 1.0p each, which represents an
approximate 67%, 150%, and 233% premium to the closing mid price of
the Ordinary Shares on 28 Sep 2020, with a term of 7 years. These
awards only vesting on the Company achieving cash flow positive
status at the corporate level for three consecutive months, as
agreed by the Remuneration Committee.
Non-executive Directors Dr Steve Staley and Mr John Stafford
have also been awarded 5 million and 4 million Incentive Options,
respectively, on the same terms as set out above except for the
vesting criteria. Rather than their Incentive Awards vest on the
Company achieving cash flow positive status as set out above, they
will vest one year from the date of issue.
The total Incentive Options award represents c. 4.5 per cent. of
the Company's share capital as enlarged by the fundraising
announced on 25 September 2020 (the "Fundraise").
Notice of General Meeting
The Company tomorrow is posting a circular to Shareholders (the
"Circular") convening a general meeting to be held on 19 October
2020 (the "General Meeting"). The General Meeting is being convened
to seek the requisite share authorities to issue new Ordinary
Shares in connection with the potential future exercise of all of
the warrants issued in connection with the Fundraise, as well as
the new Ordinary Shares that may be issued in connection with an
exercise of the Incentive Options.
The Company is seeking authority over c. 20 per cent of the
Company's share capital as enlarged by the Fundraise, with
approximately 99 per cent. of the authority sought being applied to
the aforementioned warrants and the Incentive Options.
The Board will recommend that Shareholders vote in favour of the
two resolutions to be proposed in connection with this.
Shareholders are encouraged to read the Circular in full, which
will also be available on the Company's website.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information, contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO Email: +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial Adviser and
Joint Broker)
Rory Murphy / Ritchie Balmer / Jack
Botros Tel: +44 (0) 20 7409 3494
Novum Securities Limited (Joint
Broker)
Jon Belliss
Tel: +44 (0) 207 399 9425
Lionsgate Communications (Public
Relations)
Jonathan Charles Tel: +44 (0) 7791 892509
PDMR Notification
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mr Matt Lofgran
-------------------------------- ---------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------
a) Position/status Chief Executive Officer of the Company
-------------------------------- ---------------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name NOSTRA TERRA OIL AND GAS COMPANY PLC
-------------------------------- ---------------------------------------
b) LEI 213800JO9A4LO19YJ129
-------------------------------- ---------------------------------------
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 Incentive options over ordinary shares
instrument, type of instrument of 0.1p each in the share capital
of Nostra Terra Oil & Gas Company
plc
-------------------------------- ---------------------------------------
Identification code GB00BZ76F335
-------------------------------- ---------------------------------------
b) Nature of the Transaction Issue of Incentive Options
-------------------------------- ---------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
0.50p 5,000,000
0.75p 5,000,000
1.00p 5,000,000
-----------
-------------------------------- ---------------------------------------
d) Aggregated information Aggregate volume: 15,000,000 options
* Aggregated volume
* Price
-------------------------------- ---------------------------------------
e) Date of the transaction 29 September 2020
-------------------------------- ---------------------------------------
f) Place of the transaction London Stock Exchange (AIM)
-------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Dr Steve Staley
-------------------------------- ---------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------
a) Position/status Non-executive Chairman
-------------------------------- ---------------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name NOSTRA TERRA OIL AND GAS COMPANY PLC
-------------------------------- ---------------------------------------
b) LEI 213800JO9A4LO19YJ129
-------------------------------- ---------------------------------------
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 Incentive options over ordinary shares
instrument, type of instrument of 0.1p each in the share capital
of Nostra Terra Oil & Gas Company
plc
-------------------------------- ---------------------------------------
Identification code GB00BZ76F335
-------------------------------- ---------------------------------------
b) Nature of the Transaction Issue of Incentive Options
-------------------------------- ---------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
0.50p 1,666,666
0.75p 1,666,667
1.00p 1,666,667
-----------
-------------------------------- ---------------------------------------
d) Aggregated information Aggregate volume: 5,000,000 options
* Aggregated volume
* Price
-------------------------------- ---------------------------------------
e) Date of the transaction 29 September 2020
-------------------------------- ---------------------------------------
f) Place of the transaction London Stock Exchange (AIM)
-------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mr John Stafford
-------------------------------- ---------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------
a) Position/status Non-executive director
-------------------------------- ---------------------------------------
b) Initial notification/amendment Initial notification
-------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name NOSTRA TERRA OIL AND GAS COMPANY PLC
-------------------------------- ---------------------------------------
b) LEI 213800JO9A4LO19YJ129
-------------------------------- ---------------------------------------
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 Incentive options over ordinary shares
instrument, type of instrument of 0.1p each in the share capital
of Nostra Terra Oil & Gas Company
plc
-------------------------------- ---------------------------------------
Identification code GB00BZ76F335
-------------------------------- ---------------------------------------
b) Nature of the Transaction Issue of Incentive Options
-------------------------------- ---------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
0.50p 1,333,333
0.75p 1,333,333
1.00p 1,333,334
-----------
-------------------------------- ---------------------------------------
d) Aggregated information Aggregate volume: 4,000,000 options
* Aggregated volume
* Price
-------------------------------- ---------------------------------------
e) Date of the transaction 29 September 2019
-------------------------------- ---------------------------------------
f) Place of the transaction London Stock Exchange (AIM)
-------------------------------- ---------------------------------------
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END
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September 29, 2020 12:30 ET (16:30 GMT)
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