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11 Jul 2014 16:30
African Potash Limited / Index: AIM / Epic: AFPO / Sector: Mining
11 July 2014
African Potash Limited
('African Potash' or 'the Company')Grant of Options
African Potash (AIM:AFPO), the AIM listed exploration company focused on sub-Saharan potash assets, announces that it has granted options to subscribe (the "Options") for a total of 26,849,358 new ordinary shares of no par value each in the Company ("Ordinary Shares") to the directors and certain other key personnel.
As disclosed previously, Options were issued on 14 November 2012 under the Company's Share Option Scheme (adopted by the Board on 26 September 2011) and held unallocated, to be used at the Board's direction (as management/staff incentives). These Options have now been allocated as follows:
Name
| No. of Options granted | Exercise Price | Exercise Period |
Simon Dorling | 1,000,000 | 3p | 14 November 2013 - 13 November 2018 |
Edward Marlow | 1,000,000 | 3p | 14 November 2013 - 13 November 2018 |
Andrew Groves | 500,000 | 3p | 14 November 2013 - 13 November 2018 |
Jean-Pierre Conrad | 500,000 | 3p | 14 November 2013 - 13 November 2018 |
Neil Clayton | 350,000 | 3p | 14 November 2013 - 13 November 2018 |
3,350,000 |
In addition, the following new Options have also been granted:
Name
| No. of Options granted | Exercise Price | Exercise Period |
Simon Dorling | 2,000,000 | 4p | 11 July 2014 - 11 July 2020 |
Edward Marlow | 3,000,000 | 4p | 11 July 2014 - 11 July 2020 |
Andrew Groves | 1,000,000 | 4p | 11 July 2014 - 11 July 2020 |
Jean-Pierre Conrad | 1,000,000 | 4p | 11 July 2014 - 11 July 2020 |
Other employees and consultants | 8,000,000 | 4p | 11 July 2014 - 11 July 2020 |
To be held unallocated and used at the Board's discretion (as management/staff incentives) | 8,499,358 | ||
23,499,358 |
Details of the directors' holdings of Ordinary Shares and Options are as follows:
Name
| No. of Options | No. of Existing Ordinary Shares |
Simon Dorling | 3,000,000 | - |
Edward Marlow | 4,000,000 | 16,578,947 |
Andrew Groves | 1,500,000 | 15,526,316 |
Jean-Pierre Conrad | 1,500,000 | 526,316 |
The total number of Options now outstanding over Ordinary Shares is 28,499,358 representing 10 per cent. of the Company's total issued share capital.
* * ENDS * *
For further information visit www.africanpotash.com or contact the following:
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About African Potash
African Potash was established to invest in/acquire potash assets or projects in sub-Saharan Africa. The Directors believe the fundamentals of the global potash market, a key source of potassium fertiliser, represent a compelling opportunity to create shareholder value.
The Company is currently focused on the Lac Dinga Project in the Republic of Congo and has a highly experienced Board with a proven track record in identifying, operating and developing resource projects in Africa.
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