Last checked at 14 Feb 2014 07:00
Griffin Mining Ltd
Grant of Options
14th February 2014.
Following the appointment of a new operations manager at the Caijiaying Mine, the replacement of certain key professional staff, and the recent expiry of management and directors options in Griffin Mining Ltd ("Griffin" or "the Company"), the Company announces the grant of new share options over 5,000,000 new ordinary shares in order to retain and incentivize key personnel.
Each option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of £0.40 per share on or before 31st December 2018. The options will not vest until 31st December 2014 with one third vesting then, followed by one third on 31st December 2015 and one third on 31st December 2016.
The options will not vest if the option holder resigns or leaves the Company for cause prior to the vesting event taking place. All the options will vest immediately upon a takeover offer being made or a change in control of the Company taking place prior to the options expiring.
The options have been granted as follows:
Options over number new ordinary shares in the Company | |
Directors: | |
Mladen Ninkov (Chairman) | 3,500,000 |
Roger Goodwin (Finance Director) | 500,000 |
Maoheng Zhang (Operations Manager Caijiaying Mine) | 500,000 |
Bo Zhou (General Manager Griffin - China) | 250,000 |
Wendy Zhang (Chief Financial Officer - Hebei Hua Ao) | 100,000 |
Other | 150,000 |
Total | 5,000,000 |
Griffin Mining Limited:
Mladen Ninkov (Chairman)
Roger Goodwin (Finance Director) Telephone: +44 (0)20 7629 7772
Panmure Gordon (UK) Limited: Telephone: +44 (0)20 7886 2500
Dominic Morley
Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM).
The Company's news releases are available on the Company's web site: www.griffinmining.com