15 Jun 2015 07:00
BMR Mining PLC
(the "Company")
Grant of Options
BMR Mining PLC (AIM: BMR) announces that, as part of remuneration and incentivisation arrangements, the Company has granted a total of 13,196,546 share options (the "Options"), representing 10.0 per cent. of the current issued share capital, to subscribe for new ordinary shares of £0.01 each in the Company to Alex Borrelli, Jeremy Hawke, Dennis Bailey and Norman Lott as follows:
Name | Position | Number of options granted |
Alex Borrelli | Chairman/ Chief Executive Officer | 6,070,411 |
Jeremy Hawke | Executive Director | 2,903,240 |
Dennis Bailey | Senior Consultant (Non-Board position) | 2,903,240 |
Norman Lott | Chief Financial Officer (Non-Board position) | 1,319,655 |
These Options vest as follows:
· 25 per cent. immediately;
· 25 per cent. on the first announcement of interim or year-end results following successful testing of the pilot plant;
· 25 per cent. on the first announcement of interim or year-end results following first revenue from a commercial sale of product from the production plant; and
· 25 per cent. on the announcement of the next interim or year-end results thereafter demonstrating a continuing commercial revenue stream.
The exercise price is 6p, being 150 per cent. of the closing mid-market price on 8 June 2015, the date the options were granted. Any unexercised Options will lapse if the option holder leaves the Company for any reason.
Pursuant to the announcement on 28 May 2015, Antony Gardner-Hillman was appointed to the Board with immediate effect on that day. Mr Gardner-Hillman has since been appointed to the Remuneration Committee and in this role, in consultation with the Company's Nominated Adviser as an independent member, reviewed the terms of the options and given recommendations on the terms to the Board.
Antony Gardner-Hillman is a solicitor of the Senior Courts of England and Wales and has a first-class honours degree in Jurisprudence from Oxford University. He co-founded the Jersey Trust Company group in 1987 and was a director and shareholder for 21 years until he resigned as non-executive group chairman and disposed of his remaining shareholding in the group holding company in 2008. He was a partner of Crills, a Jersey law firm, from 1987 to 2002, and a Jersey resident non-executive partner of the international law firm Holman, Fenwick & Willan (Jersey partnership) from 1987 to 2003. Since 2008 he has worked full-time on a varied portfolio of directorship appointments (including with AIM listed companies).
In addition, Dennis Bailey, who has been acting as Senior Consultant to the Company, has been appointed Company Secretary with immediate effect in addition to his role as Senior Consultant.
Norman Lott is now acting as Chief Financial Officer on a part-time basis.
Ends
For further information:
BMR Mining PLC 07747 020 600
Alex Borrelli, CEO and Chairman
WH Ireland Limited 020 7220 1666
Chris Fielding, Head of Corporate Finance