31 Dec 2012 11:44
31 December 2012
Kolar Gold Ltd
Director Dealings, Exercise of Warrants and Issue of Shares
Kolar Gold Limited ("Kolar Gold" or the "Company"), the Indian focused gold exploration and mine development company, announces that following a meeting of the Board of Directors held today, the following matters were approved.
Grant of Options
As part of the existing Share and Option Plan and in accordance with their letters of appointment, the Company granted options over Ordinary Shares of 7 pence each in the Company ("Ordinary Shares") to the following directors, at the closing price on Friday 28 December 2012 of 8.38 pence per share.
Options granted 31 December 2012 | Total options held after grant | |
Harvinder Hungin | 150,000 | 600,000 |
Steve Oke | 125,000 | 475,000 |
Stephen Coe | 125,000 | 475,000 |
The aggregate number of options granted today is 400,000 including the above directors and other employees that are not directors.
Exercise of Warrants and Issue of Shares
As announced in the final results statement for the year ended 30 June 2012, Kolar Gold granted its local partner SUN Mining ("SUN") two tranches of Performance Warrants for assisting with operations in India and performing an agreed set of services. SUN has exercised its first tranche of warrants and has been issued 2,916,559 Ordinary Shares.
Mr. Stephen Coe, Non-Executive Director, has been issued 192,662 Ordinary Shares in lieu of 50% of board fees due for the period 1 November 2011 to 30 November 2012. Following this transaction, Mr Coe has a total beneficial interest in the Company of 237,439 Ordinary Shares, representing 0.237% of the Company's issued share capital.
Company Secretarial Services Pty Ltd, which relates to Bill Lyne the former company secretary, has been issued 40,961 Ordinary Shares in lieu of payment for services rendered between the months of October to December 2011.
The Company has agreed to issue 75,000 Ordinary Shares to Mr. Richard Johnson, the former Chief Operating Officer, in relation to money owed to him before Mr. Johnson stepped down from the Board earlier this month. The 75,000 Ordinary Shares equates to £30,000 (A$45,750) at 40p per Ordinary Share being the settlement price agreed at the time of Admission to AIM.
Application will shortly be made to the London Stock Exchange for 3,225,182 Ordinary Shares to be admitted to trading on AIM.
For further information:
Kolar Gold Limited | |
Nick Spencer | +617 3846 0211 |
N+1 Singer | |
Nomad and Joint Broker | |
James Maxwell/Jenny Wyllie | +44 20 7496 3000 |
Ocean Equities Limited | |
Joint Broker | |
Will Slack | +44 20 7786 4370 |
Tavistock Communications | |
Ed Portman / Jessica Fontaine | +44 20 7920 3150 |
About Kolar Gold Limited
Kolar Gold is an Indian gold exploration and development company, listed on the AIM market (Ticker: KGLD) that has an experienced international board and strong local partners.
KGL has rights to explore and develop one prospecting licence and 13 further licence applications in the Kolar Gold Belt, an 80 kilometre long Archaean Greenstone Belt, in Southern India. The Kolar Gold Belt is one of the most prospective underdeveloped Archaean Greenstone Belts in the world and is regarded by Mr. Andrew J Vigar of Mining Associates Limited, the Competent Person, as comparable to the Archaean Greenstone Belts of South Africa, Canada and Western Australia which have similar geology, structure and style of mineralisation. This project area includes 32 known mineralised prospects and covers 568 square kilometres in the southern states of Andhra Pradesh, Karnataka and Tamil Nadu. KGL commenced exploration on the first Prospecting Licence in South Kolar in February 2011.
KGL is also jointly pursuing, with the mine employee unions, the acquisition and revival of the neighbouring historic Kolar Gold Fields which has produced 25 million ounces of gold at 15.9 grams per tonne over 120 years until closure in 2001.