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20 Aug 2008 09:25
20 August 2008
AIM: GMA
GMA Resources Plc
("GMA" or "the Company")
Stock options changes
GMA announces that instead of issuing new stock options to its employees and directors, its Board has approved a re-pricing of certain stock options for employees, consultants and directors of the Company to motivate those individuals in difficult market conditions and to reflect a more realistic price level, given the current market in the Company's shares.
All stock options with an exercise price at over 10p will be re-priced to 10p. All stock options with an exercise price at 10p or below will remain as per existing terms and conditions. A total of 15,000,000 stock options are currently outstanding, which represents approximately 4.1 per cent. of the issued capital of the Company (368,062,493 ordinary shares).
|
Options unchanged (not re-priced) |
Re-priced options |
Total |
|
|
Directors |
1,800,000 |
4,800,000 |
6,600,000 |
|
Other employees |
5,200,000 |
3,200,000 |
8,400,000 |
|
Total Stock Options |
7,000,000 |
8,000,000 |
15,000,000 |
Douglas Perkins, Chief Executive Officer of GMA, commented:
"This stock option re-pricing was deemed necessary by the Board given current market conditions and was a more efficient process than issuing new stock options at current prices".
Enquiries:
|
GMA Resources Plc |
John East & Partners Limited |
|
Douglas Perkins |
Bidhi Bhoma / David Worlidge |
|
+1 514 806 6788 |
+44 (0) 20 7628 2200 |
Notes to Editors:
GMA owns a controlling 52 per cent. stake in ENOR spa ("ENOR"), the Algerian based operating company for the Tirek-Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.
ENOR holds the exploitation authorization to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city, Tamanrasset, in southern Algeria. Amesmessa is an open pit heap leach gold mine located in the extreme south of the permit area. The Tirek gold mine is located centrally in the northern third of the exploration permit area, some 60 km north of Amesmessa. Research to date suggests that the Zita Zone, which lies between Tirek and Amesmessa, offers considerable potential for the development of additional prospects amenable to open-pit mining. GMA Resources plans to quickly expand upon resources outside of the major 80km north/south Tirek-Amesmessa fault.
For further information on the Company, please visit: www.gmaresources.co.uk
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