Last checked at 5 Dec 2013 12:01
Hummingbird Resources plc
("Hummingbird Resources" or the "Company") (AIM: HUM)
Grant of share options
The Company announces that on 5 December 2013, 2,336,500 options over ordinary shares of 1p each in the Company were granted to certain directors, group employees and consultants. These share options are exercisable at 41p per share and amount to 3.9% of the issued share capital in total. The share options vest in two tranches over the period to 1 June 2015 and / or on satisfaction of certain performance criteria being met in accordance with our policy of retaining and motivating key individuals.
Additionally as a condition of the grant of certain of these options on 5 December 2013 1,501,500 options over ordinary shares of 1p each in the Company were voluntarily relinquished by the holders. These share options amounted to 2.5% of the issued share capital in total.
Of the options detailed above, the following were awarded to directors of the Company:
Name | Options Relinquished | Options Granted |
Daniel Betts | (334,000) | 584,000 |
William Cook | (207,000) | 382,000 |
Thomas Hill | (201,000) | 301,000 |
David Pelham | (130,000) | 130,000 |
Ian Cockerill | (90,000) | 90,000 |
Stephen Betts | (66,000) | 66,000 |
Matthew Idiens | (66,000) | 66,000 |
| ___________ | ___________ |
Total granted to / (relinquished by) directors | (1,094,000) | 1,619,000 |
Granted to / (relinquished by) non directors | (407,500) | 717,500 |
| ___________ | ___________ |
TOTAL GRANTED / (RELINQUISHED) | (1,501,500) | 2,336,500 |
| ___________ | __________ |
The total number of ordinary shares currently in issue is 59,484,764, with options and investor warrants outstanding over 5,453,500 ordinary shares and 1,612,903 ordinary shares respectively.
ENDS
Enquiries:
Hummingbird Resources plc
Daniel Betts, Chief Executive Officer | |
Thomas Hill, Finance Director | |
Robert Monro, Head of Business Development | +44 (0) 203 416 3560 |
Cantor Fitzgerald Europe | |
Nominated Adviser and Broker | |
Stewart Dickson / Tom Sheldon / Jeremy Stephenson | +44 (0) 207 894 7000
|
FTI Consulting LLP | |
Financial PR | |
Ben Brewerton / Oliver Winters | +44 (0) 207 831 3113 |
Notes to Editors
About Hummingbird Resources Plc
Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia. The Group has published a PEA on its project showing on a 3.5Mtpa tank leach operations an NPV of US$337m on a Capex of US$212m for an IRR of 43.4%. This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).
The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade.
In 2013, the Group is moving the Dugbe 1 Project towards feasibility with over 15,800m of infill drilling completed this year. Additionally, the Group's licence areas constitute a significant proportion of eastern Liberia's Birimian sequence.
For more information, please visit www.hummingbirdresources.co.uk