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Replacement RNS - Grant of Options

7 Aug 2013 12:14

RNS Number : 1738L
Ortac Resources Limited
07 August 2013
 

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration

 

 

 

 

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

This information is provided by RNS
The company news service from the London Stock Exchange
 
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