3rd Dec 2018 10:17
LONDON (Alliance News) - GCM Resources PLC said Monday it will award outgoing Independent Non-Executive Director Nik Daud 100,000 shares in the company "in appreciation of his services".
The company did not report what price Daud's shares were issued to him.
An application has been made for the shares to be admitted to AIM on or around Friday. Following the admission, GCM will have 98.2 million shares in issue.
GCM Resources also announced its annual general meeting will be held on December 28 in London.
Following Daud's resignation, GCM said it is the "advanced stages" of hiring a replacement independent non-executive director.
Shares in the coal mining company were trading 25% higher at 23.03 pence each, extending gains made on Friday.
On Friday, GCM Resources reported a widened annual loss and said significant investor Polo Resources Ltd extended its loan to the company.
For the year ended June, pretax loss widened to GBP5.2 million from GBP707,000 the year prior. This was after it incurred GBP4.5 million in pre-development expenses associated with its power plant project in Bangaldesh from nothing the year before.
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