ROCKFIRE RESOURCES PLC

AGM Information • Jun 12, 2020

National Storage Mechanism | Additional information

RNS Number : 8234P

Rockfire Resources PLC

12 June 2020

12 June 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Result of AGM

Grant of Options

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce that at its annual general meeting ("AGM") held earlier today, all resolutions were duly passed. The poll results were as follows:

Resolution	Votes For*	% of votes cast**	Votes Against	% of votes cast**	Total votes cast**	Votes withheld**	% of issued share capital voted**
1.     To receive and adopt the report of the Directors and the audited accounts for the financial period ended 31 December 2019.	94,880,859	100.00	0	0.00	94,880,859	15,750	14.99
2.     To re-appoint David Price as a Director of the Company	81,046,609	100.00	0	0.00	81,046,609	13,850,000	12.80
3.     To re-appoint Ian Staunton as a Director of the Company	94,896,609	100.00	0	0.00	94,896,609	0	14.99
4.     To appoint PKF Littlejohn as auditors of the Company and to authorise the Directors to determine their remuneration.	94,896,609	100.00	0	0.00	94,896,609	0	14.99
5.     To issue 6,000,000 options to Nicholas Walley	71,743,065	100.00	0	0.00	71,743,065	23,153,544	11.33
6.     To issue 6,000,000 options to Patrick Elliott	93,853,305	100.00	0	0.00	93,853,305	1,043,304	14.83
7.     To issue 6,000,000 options to Ian Staunton	93,853,305	100.00	0	0.00	93,853,305	1,043,304	14.83
8.     To authorise the Directors to allot securities.	92,686,342	98.74	1,186,963	1.26	93,873,305	1,023,304	14.83
9.     6.  To disapply statutory pre-emption rights.	92,686,342	98.74	1,186,963	1.26	93,873,305	1,023,304	14.83

*Votes "For" include votes giving the Chairman discretion.

** A 'Vote Withheld' is not a vote in law and has not been counted in the calculation of the proportion of the votes 'For' and 'Against' a resolution.

Grant of Options 

Following the approval of shareholders at today's AGM and further to the announcement on 21 May 2020, the Company has now granted 6,000,000 options to subscribe for new ordinary shares (the "NED Options") to each of Nicholas Walley, Patrick Elliott and Ian Staunton. Following these grants, the Company has a total of 24,000,000 options to subscribe for new ordinary shares outstanding, which represents 3.8 per cent. of the Company's issued share capital as at the date of this announcement.

The FCA notifications, made in accordance with the requirements of the EU Market Abuse Regulation, are appended below.

Questions from the AGM 

The following questions were submitted to the Chairman of the Company, to be answered at the AGM. The response to each of the questions is provided below.

How many infill holes do you expect to drill in the next drilling round?

We have announced our resumption of drilling at Plateau, comprising 6 holes for approximately 1,000 m. There is likely to be a second phase, however the specific depths and number of holes will be dependent on the results of our current drill programme.

How many deep holes do you expect to drill in the next drilling round?

A second phase involving deeper drilling is anticipated however the location, depth and exact number of holes is highly dependent on the results of the current programme. Our exploration programmes are results-driven, however we expect that at least 2 or 3 holes would be required to gain a reasonable level of geological understanding at deeper levels. 

What's the maximum depth of the rig that you intend to use for the deeper drills?

Testing at depth must involve sequentially deeper holes. Stepping out too rapidly and drilling very deep holes is fraught with risk. To minimise our exploration risk and to ensure the Company's exploration funds are maximised, we intend to steadily increase our depth knowledge, rather than risk stepping deeper too quickly. The rigs we use are capable of drilling to well beyond one kilometre deep.

When do you expect to update the JORC next? 

We have informed the market that we hope to have an updated JORC estimated before the end of the calendar year. Of course, this will depend on the rate of drilling, funding and exploration success. At this point in time, we remain on track to deliver an updated resource prior to the end of the year.

When will my Rockfire shares make me a millionaire?

Rockfire is hoping to intersect a main gold lode at depth at Plateau. Exploration always carries risk but it would give me great pleasure to deliver such an outcome for you. We are, unfortunately, unable to promise such an outcome. However, we can assure you that everyone at Rockfire is doing their utmost to find another Mt Wright!

For further information on the Company, please visit  www.rockfireresources.com  or contact the following:

Rockfire Resources plc:	info@rockfireresources.com
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser & Broker)	Tel: +44 (0) 20 3328 5656
John Depasquale / Asha Chotai
Yellow Jersey	rockfire@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson / Emma Becirovic	Tel: +44 (0) 20 3004 9512

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

Nicholas Walley (Non-Executive Director)

Patrick Elliott (Non-Executive Director)

Ian Staunton (Non-Executive Director) 

2

Reason for the notification

a)

Position/status

See 1 a) above

b)

Initial notification /Amendment

Initial notification

3 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Rockfire Resources plc

b)

LEI

213800THSZQSFKTXOI24

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 to subscribe for Ordinary Shares of 0.1p

Identification code (ISIN) for ordinary shares: GB00B42TN250

b)

Nature of the transaction

Grant of options over ordinary shares

c)

Price(s) and volume(s)

Director/PDMR	Price(s)	Volume(s)
Nicholas Walley	Exercisable at 2p per share nil cost	6,000,000
Patrick Elliott	Exercisable at 2p per share nil cost	6,000,000
Ian Staunton	Exercisable at 2p per share nil cost	6,000,000

d)

Aggregated information

- Aggregated volume

- Price

Price(s)	Volume(s)
Exercisable at 2p	18,000,000

e)

Date of the transaction

12 June 2020

f)

Place of the transaction

Outside a trading venue

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