9 Sep 2014 09:55
09 September 2014 AIM:AMA
Amara Mining plc
("Amara" or "the Company")
GRANT OF OPTIONS
Amara Mining plc, the AIM-listed West African focused gold mining company, announces the grant of 11,850,000 options over ordinary shares of one penny each in the Company ("the Options") to employees on Monday 08 September 2014 ("the Grant Date"), in accordance with the terms of its employee share scheme.
The Options may be exercised between the third and the tenth anniversary of the Grant Date and are exercisable at a price of 24.00p per share, being the closing midmarket price on Friday 05 September 2014.
The Options represent 3.6% of the Company's issued share capital and were awarded to a number of senior employees in the Company, including the following Executive Directors:
Name | Position | Number of Options Awarded | Total Options Held Following Award |
John McGloin | Chairman and Chief Executive Officer | 3,300,000 | 5,300,000 |
Pete Gardner | Finance Director | 2,300,000 | 4,050,000 |
Total | 5,600,000 | 9,350,000 |
The new grant of options ensures that the Executive Directors and senior management team are incentivised to deliver strong share price growth through the advancement of the Yaoure Gold Project, which has the potential to be one of the top 10 gold mines in Africa by production.
No options were issued to Amara's Non-Executive Directors at this time.
Following the grant of the Options, the total number of options outstanding over ordinary shares is 24,422,500 representing 7.4% of the Company's issued share capital. A breakdown of all options outstanding is included in the Appendix.
For more information please contact:
Amara Mining plc Catherine Apthorpe, Company Secretary Katharine Sutton, Head of Investor Relations
| +44 (0)20 7398 1420 |
Peel Hunt LLP (Nominated Adviser & Joint Broker) Matthew Armitt Ross Allister
| +44 (0)20 7418 8900 |
GMP Securities Europe LLP (Joint Broker) Richard Greenfield Alex Carse
| +44 (0)20 7647 2800 |
Farm Street Communications (Media Relations) Simon Robinson | +44 (0)7593 340 107
|
About Amara Mining plc
Amara is a gold explorer/developer with assets in West Africa. The Company is focused on unlocking the value in its development projects. At Yaoure in Côte d'Ivoire, this will be done by increasing the confidence in the existing Mineral Resource and economics at the project as the Company progresses it through to Pre-Feasibility Study and Bankable Feasibility Study. At Baomahun, this will be achieved by gaining an improved understanding of the exploration upside potential and underground opportunity. With its experience of bringing new mines into production, Amara aims to further increase its production profile with highly prospective opportunities across both assets.
APPENDIX
Breakdown of Amara options outstanding over ordinary shares
Number | Weighted average exercise price (p) | |
Exercisable at 31 August 2014 | 5,635,000 | 68.3 |
Exercisable between 2014 - 2021 | 450,000 | 87.2 |
Exercisable between 2015 - 2022 | 2,505,480 | 64.9 |
Exercisable between 2016 - 2023 | 3,982,020 | 59.3 |
12,572,500 | 65.4 | |
New options issued 8 September 2014 | 11,850,000 | 24.0 |
Total options | 24,422,500 | 45.3 |