Griffin Mining Regulatory News (GFM)

15 Feb 2007 07:00

Griffin Mining Ld15 February 2007 15th February 2007 NEW ISSUE OF OPTIONS TO KEY PERSONNEL & DIRECTORS Griffin Mining Limited ("Griffin" or the "Company") has agreed to grant furtheroptions over 10,000,000 new ordinary shares to directors and key employees ofthe Company (the "Options"). Each Option will entitle the holder to subscribefor new ordinary shares in the Company at an exercise price of 110 pence per newordinary share on or before 28th February 2010. The Options will vest with eachoption holder in 3 separate and equal instalments amounting to 1.6% of theenlarged share capital of the Company per annum as follows: I. The first third of each holder's options will vest on 31st December 2007; II. The second third of each holder's options will vest on 31st December 2008; and III. The last third of each holder's options will vest on 31st December 2009. The Options will not vest if an employee or a director resigns or leaves theCompany for cause prior to the vesting event taking place. All the Options willvest immediately upon a takeover offer being made or a change in substantialcontrol of the Company taking place prior to the Options expiring. Upon exercise of these and existing options granted, the resulting new ordinaryshares will represent approximately 7.41 per cent. of the Company's enlargedissued share capital. Existing options currently vested represent approximately2.75 per cent. of the Company's enlarged share capital. These Options have been allocated as follows: Number of Options to subscribe for one new ordinary share in the Company New Options now Total number of Total number of Options now Options vested Granted heldDirectors:Mladen Ninkov (Chairman) 6,000,000 8,000,000 2,000,000Roger Goodwin (Finance Director) 1,200,000 1,775,000 575,000Dal Brynelsen (Director) 400,000 600,000 200,000William Mulligan (Director) 400,000 600,000 200,000 Management: Key personnel 2,000,000 4,500,000 2,500,000Total 10,000,000 15,475,000 5,475,000 Further information Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772Roger Goodwin - Finance DirectorGriffin Mining Limited Adrian Hadden / Christopher Rollason Telephone: +44(0)20 7523 8353Collins Stewart Europe Limited Hugo de Salis Telephone: +44(0) 20 7242 4477St Brides Media & Finance Ltd 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 This information is provided by RNS The company news service from the London Stock Exchange