1 Jul 2010 07:00
1 July2010
Maghreb Minerals PLC
("Maghreb Minerals" or the "Company")
Grant of Options
The Company announces the grant of 15,000,000 options over ordinary shares of £0.006 each to the directors of the Company. All of the options granted pursuant to this announcement are exercisable at a price of 1.5 pence per ordinary share.
|
| Options Granted | Options held following this notification |
| Dunbar Dales | 4,000,000 | 4,000,000 |
| Richard Linnell | 4,000,000 | 5,200,000 |
| Albert Gourley | 3,500,000 | 4,200,000 |
| James Passin | 3,500,000 | 4,200,000 |
These options are exercisable in three equal annual instalments from the first anniversary of the date of grant, being 30 June 2010. These options have been issued under the Company's unapproved Employee Share Option Scheme.
Currently the only director receiving remuneration from the Company is Dunbar Dales and the options are designed to incentivise and remunerate the directors without placing a further burden on the Company's cash resources.
The total number of options outstanding is now 19,000,000 being 10.6% of the issued share capital.
For further information, please contact:
Maghreb Minerals Plc
Richard Linnell - Chairman Tel: +27 11 459 2853
Dunbar Dales - CEO Tel: +27 83 258 9062
Westhouse Securities Limited Tel: +44 (0) 20 7601 6100
Tim Metcalfe / Martin Davison
ENDS