Avesoro Resources Inc. - Grant of Stock Options to Directors and Employees

TSX: ASO
AIM: ASO

TORONTO, Dec. 19, 2018 /CNW/ - Avesoro Resources Inc., ("Avesoro" or the "Company"), the TSX and AIM listed West African gold producer, announces that, pursuant to its Stock Option Plan, it has granted incentive stock options to certain directors and employees of the Company as part of its annual stock option incentive programme.  The stock options were granted on 19 December 2018 over a total of 1,620,000 common shares, representing approximately 2% of the issued share capital of the Company at an exercise price of GBP 1.53 per share, being equal to the closing price of the common shares on 18 December 2018 on AIM. The stock options vest and become exercisable as to 50% on the first anniversary of grant and 50% on the second anniversary of grant, except for those granted to the Non-Executive Directors, which vest and become exercisable as to 50% on grant and 50% on the first anniversary of grant.  The stock options issued are capable of being exercised up to 18 December 2023. Following this award of options, the total number of shares under option is currently 4,209,233 representing approximately 5.2% of the Company's issued share capital.

The allocation of stock options to Persons Discharging Managerial Responsibilities was as follows:

Director	Position	New Options Issued	Total Options Held	Current Shareholding in Avesoro Resources Inc.*	Current Shareholding as percentage of Current Issued Share Capital
Serhan Umurhan	CEO & Director	135,000	497,000	80,100 (directly held) 1,783,715 (indirectly held)	0.10% (directly held) 2.19% (indirectly held)
Geoff Eyre	CFO & Director	125,000	437,500	27,200	0.03%
David Netherway	Non-Executive Director	40,000	158,000	4,314	<0.01%
Jean-Guy Martin	Non-Executive Director	40,000	144,500	993	<0.01%
Loudon Owen	Non-Executive Director	40,000	142,250	995	<0.01%

*Note: Mr Umurhan and Mr Eyre are both directors of Avesoro Jersey Limited which holds 59,457,152 Shares representing 72.9% of the Company's issued and outstanding Shares.

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the grant of options to PDMRs.

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	Serhan Umurhan
2	Reason for the notification
a)	Position/status	Director and Chief Executive Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Avesoro Resources Inc.
b)	LEI	213800EXV9AU2DOCYC52
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	Stock options over common shares   ISIN for Avesoro Resources Inc. common shares: CA05366A3029
b)	Nature of the transaction	Grant of stock options
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP 1.53	135,000
d)	Aggregated information -   Aggregated volume -      Price	135,000 GBP 206,550
e)	Date of the transaction	19 December 2018
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Geoff Eyre
2	Reason for the notification
a)	Position/status	Director and Chief Financial Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Avesoro Resources Inc.
b)	LEI	213800EXV9AU2DOCYC52
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	Stock options over common shares    ISIN for Avsesoro Resources Inc. common shares: CA05366A3029
b)	Nature of the transaction	Grant of stock options
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP 1.53	125,000
d)	Aggregated information -   Aggregated volume -      Price	125,000 GBP 191,250
e)	Date of the transaction	19 December 2018
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Netherway
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	Avesoro Resources Inc.
b)	LEI	213800EXV9AU2DOCYC52
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	Stock options over common shares   ISIN for Avsesoro Resources Inc. common shares: CA05366A3029
b)	Nature of the transaction	Grant of stock options
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP 1.53	40,000
d)	Aggregated information -   Aggregated volume -      Price	40,000 GBP 61,200
e)	Date of the transaction	19 December 2018
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jean-Guy Martin
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	Avesoro Resources Inc.
b)	LEI	213800EXV9AU2DOCYC52
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	Stock options over common shares    ISIN for Avsesoro Resources Inc. common shares: CA05366A3029
b)	Nature of the transaction	Grant of stock options
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP 1.53	40,000
d)	Aggregated information -   Aggregated volume -      Price	40,000 GBP 61,200
e)	Date of the transaction	19 December 2018
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Loudon Owen
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	Avesoro Resources Inc.
b)	LEI	213800EXV9AU2DOCYC52
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	Stock options over common shares    ISIN for Avsesoro Resources Inc. common shares: CA05366A3029
b)	Nature of the transaction	Grant of stock options
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP 1.53	40,000
d)	Aggregated information -   Aggregated volume -      Price	40,000 GBP 61,200
e)	Date of the transaction	19 December 2018
f)	Place of the transaction	Off market

About Avesoro Resources Inc.

Avesoro Resources is a West Africa focused gold producer and development company that operates two gold mines across West Africa and is listed on the Toronto Stock Exchange ("TSX") and the AIM market operated by the London Stock Exchange ("AIM"). The Company's assets include the New Liberty Gold Mine in Liberia ("New Liberty") and the Youga Gold Mine in Burkina Faso ("Youga").

New Liberty has an estimated Proven and Probable Mineral Reserve of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an estimated Measured and Indicated Mineral Resource of 9.6Mt with 985,000 ounces of gold grading 3.2g/t and an estimated Inferred Mineral Resource of 6.4Mt with 620,000 ounces of gold grading 3.0g/t. The foregoing Mineral Reserve and Mineral Resource estimates and additional information in connection therewith, prepared in accordance with CIM guidelines, is set out in an NI 43-101 compliant Technical Report dated November 1, 2017 and entitled "New Liberty Gold Mine, Bea Mountain Mining Licence Southern Block, Liberia, West Africa" and is available on SEDAR at www.sedar.com.

Youga has an estimated Proven and Probable Mineral Reserve of 11.2Mt with 660,100 ounces of gold grading 1.84g/t and a combined estimated Measured and Indicated Mineral Resource of 16.64Mt with 924,200 ounces of gold grading 1.73g/t and an Inferred Mineral Resource of 13Mt with 685,000 ounces of gold grading 1.70g/t. The foregoing Mineral Reserve and Mineral Resource estimates and additional information in connection therewith, prepared in accordance with CIM guidelines, is set out in an NI 43-101 compliant Technical Report dated July 31, 2018 and entitled "Mineral Resource and Mineral Reserve Update for the Youga Gold Mine, Burkina Faso" and is available on SEDAR at www.sedar.com.

For more information, please visit www.avesoro.com

Qualified Persons

The Company's Qualified Person is Mark J. Pryor, who holds a BSc (Hons) in Geology & Mineralogy from Aberdeen University, United Kingdom and is a Fellow of the Geological Society of London, a Fellow of the Society of Economic Geologists and a registered Professional Natural Scientist (Pr. Sci.Nat) of the South African Council for Natural Scientific Professions.  Mark Pryor is an independent technical consultant with over 25 years of global experience in exploration, mining and mine development and is a "Qualified Person" as defined in National Instrument 43 -101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators and has reviewed and approved this press release. Mr. Pryor has verified the underlying technical data disclosed in this press release.

SOURCE Avesoro Resources Inc.

Avesoro Resources Inc., Geoff Eyre / Nick Smith, Tel: [phone]; Camarco, (IR / Financial PR), Gordon Poole / Nick Hennis, Tel: [phone]; finnCap, (Nominated Adviser and Joint Broker), Christopher Raggett / Scott Mathieson / Camille Gochez, Tel: [phone]; Berenberg, (Joint Broker), Matthew Armitt / Sara MacGrath / James Brooks, Tel: [phone]; Hannam & Partners (Advisory) LLP, (Joint Broker), Rupert Fane / Ingo Hofmaier / Ernest Bell, Tel: [phone]

Related Links

https://avesoro.com/