Last checked at 9 Mar 2012 15:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
9 March 2012
Ortac Resources Limited ('Ortac' or 'the Company')
Grant of Options
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 Directors and key management.
These share options represent 2.6% of issued capital with total incentive share options on issue representing 9.49% 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 | 30,000,000 | 30 June 2012 | 1.1 p | 30 June 2017 |
Tranche 2 | 15,000,000 | 31 Dec 2012 | 1.4p | 31 Dec 2017 |
Tranche 3 | 15,000,000 | 31 Dec 2013 | 1.8p | 31 Dec 2018 |
The Directors of the Company have been granted options as set out below:
Director | Vest Date 30 June 2012 | Vest Date 31 Dec 2012 | Vest Date 31 Dec 2013 | Total options granted
|
Vassilios Carellas | 5,000,000 | 2,500,000 | 2,500,000 | 10,000,000 |
Charlie Wood | 4,000,000 | 2,000,000 | 2,000,000 | 8,000,000 |
Anthony Balme | 4,000,000 | 2,000,000 | 2,000,000 | 8,000,000 |
David Paxton | 2,500,000 | 1,250,000 | 1,250,000 | 5,000,000 |
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 9052
Charles Wood Ortac Resources Ltd Tel: +44 (0) 20 7389 9050
Jeremy Stephenson Seymour Pierce Limited Tel: +44 (0) 20 7107 8000
Stewart Dickson Seymour Pierce Limited Tel: +44 (0) 20 7107 8000
Catherine Leftley Seymour Pierce Limited Tel: +44 (0) 20 7107 8000
Jeremy King Optiva Securities Ltd Tel: +44 (0) 20 3137 1904
Jason Robertson Optiva Securities Ltd Tel: +44 (0) 20 3137 1906
Susie Geliher St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
Lottie Brocklehurst St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
Notes:
Ortac Resources Limited is an AIM listed exploration and development company focussed on natural resource projects in Europe. Its primary focus is on precious metals exploration and development within the Carpatho Balkan Metallogenic Belt, initially the Central Slovakian Volcanic Field.
The Company has a current JORC compliant resource of 1.2Moz of gold equivalent from its Šturec Resource located at its Slovakian Precious Metals Project, which the Company believes can host over 2 million ounces of gold equivalent, and a preliminary scoping study on the project has just been released. The Company's precious metals' objective is to complete a definitive feasibility study and environmental impact assessment with a view of bringing the Slovakian Project into production for the benefit of all stakeholders.
The Company's strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional precious metal development opportunities to build shareholder value.