Last checked at 7 Aug 2013 12:06
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
Draft RNS
Ortac Resources Limited ('Ortac' or 'the Company')
Grant of Options
7 August 2013
Ortac Resources Ltd, the AIM listed exploration and development company focussed on natural resource projects in Europe, announces thatit has resolved to grant options over 60 million ordinary shares of no par value in the Company to certain key management.
These share options represent 2.6% of issued capital with total incentive share options on issue representing 11.7% of issued share capital.
The share options have a 5 year term from vesting and are issued in three tranches with the following exercise prices and vesting dates:
No. Options | Vest Date | Exercise Price | Expiry | |
Tranche 1 | 20,000,000 | 1 January 2013 | 1.1 p | 30 June 2018 |
Tranche 2 | 20,000,000 | 1 January 2014 | 1.5p | 31 Dec 2019 |
Tranche 3 | 20,000,000 | 1 January 2015 | 1.8p | 31 Dec 2020 |
The options have been granted as part of an overall strategy to remunerate and incentivise key management. The criteria for eligibility include workload, operational input, the disparity between actual salary and market equivalent rates and parity with other management and staff within the organisation.
**ENDS**
For further information please visit www.ortacresources.com or contact:
Vassilios Carellas Ortac Resources Ltd Tel: +44 (0) 20 7389 9050
Charles Wood Ortac Resources Ltd Tel: +44 (0) 20 7389 9050
Stewart Dickson Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000
Catherine Leftley Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000
Jeremy Stephenson Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000
Caspar Shand-Kydd RFC Ambrian Limited Tel: +44 (0) 20 3440 6800
Jen Boorer RFC Ambrian Limited Tel: +44 (0) 20 3440 6800