11 Jul 2014 10:57
Metal Tiger plc
("Metal Tiger" or the "Company")
Grant of Options
As announced on 17 June 2014, the new board of the Company comprises Cameron Parry (CEO), Alex Borrelli (Non-Executive Chairman) and Paul Johnson (Non-Executive Director). In line with the Company appropriately incentivising directors, while maintaining tight control on the Company's overheads and cost base, the Board has today granted a total of 8,340,000 options to subscribe for new ordinary shares in the Company (the "Management Options"), representing, in aggregate, 4.99% of the current issued share capital.
The Management Options vest immediately and the key terms are:
· exercise price of 1p (£0.01) per option;
· exercise period of three years; and
· unexercised options lapse if the option holder leaves the Company.
The Management Options have been granted as unapproved share options as follows:
Director | Number of Management Options awarded |
Cameron Parry (CEO) | 5,000,000 |
Alex Borrelli (Non-Executive Chairman) | 1,670,000 |
Paul Johnson (Non-Executive Director) | 1,670,000 |
Total | 8,340,000 |
The exercise price represents a premium of 74% to the closing mid-market price of 0.575p as at 10 July 2o14 (being the business day prior to the Management Options being granted). The exercise price also represents a 100% premium to the 0.5p subscription price in the recently completed fund-raise for the Company and the exercise price of the 40,000,000 warrants issued to Black Star Gold Pty Ltd ("BlackStar") on 17 June 2014.
Cameron Parry is directly interested in 5,000,000 Management Options. In addition, he is a director of BlackStar which itself is interested in 27,000,000 ordinary shares representing 16.18% of the issued share capital and 40,000,000 warrants.
The Management Options issued to Alex Borrelli and Paul Johnson represent their entire interests in the share capital of the Company.
For further information on the Company, visit: www.metaltigerplc.com or contact:
Cameron Parry (CEO) |
Tel: +44 (0)207 099 0738 | |
Paul Johnson (Non-Executive Director) | Tel: +44 (0)7766 465 617 | |
Nick Athanas Michael McNeilly
| Allenby Capital Limited (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 3328 5656 |
Lucy Williams | Peterhouse Corporate Finance (Joint Broker) | Tel: +44 (0) 20 7469 0935 |