Last checked at 11 Mar 2014 07:00
SULA IRON & GOLD PLC - Issue of WarrantsSULA IRON & GOLD PLC - Issue of Warrants
PR Newswire
London, March 10
Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources 11 March 2014 Sula Iron and Gold plc ("Sula" or the "Company") Issue of Warrants Sula Iron and Gold plc, a multi-commodity exploration company focussed onSierra Leone, announces that on 10 March 2014 ("Issue Date") it issued warrantsto subscribe for a total of 6,500,000 ordinary shares of 1p each in the Company("Ordinary Shares") to key personnel as part of the Group's incentive andretention strategy ("Warrants"). 2,500,000 of the Warrants have been granted to Andrew Dacey, the non-executivetechnical director of the Company. The exercise price of the Warrants is 2.5p per Ordinary Share, being theclosing mid-market price of the Company's shares on the trading day prior tothe Issue Date. In each case, 50 per cent. of the Warrants are exercisable fromthe first anniversary of the Issue Date and the remaining 50 per cent. from thesecond anniversary of the Issue Date. Vesting and exercise of the Warrants isfurther conditional on, inter alia, the individual continuing to be engaged oremployed by the Company at the time of exercise. All of these warrants willlapse on the fifth anniversary of the Issue Date. **ENDS** For further information please visit www.sulairongold.com or contact thefollowing: Nick Warrell Sula Iron & Gold plc +44 (0) 78 1144 7830 Matt Wood Sula Iron & Gold plc +44 (2) 20 7583 8304 James Caithie / Avi Cairn Financial Advisers LLP +44 (0) 20 7148 7900Robinson Martin Lampshire / David Daniel Stewart & Company Plc +44 (0) 20 7776 6550Hart Felicity Edwards / St Brides Media and Finance +44 (0) 20 7236 1177Charlotte Heap Ltd Notes Sula Iron & Gold plc is a multi-commodity exploration company focussed on WestAfrica. The Company's main objective is to explore and advance its 153 sq. kmFerensola Project, in Northern Sierra Leone, which is highly prospective foriron and gold. An exploration target of 500 million tonnes at 30.4% iron formagnetite has been given by exploration consultants SRK Exploration ServicesLtd. Exploration work at Ferensola has confirmed the presence of Banded IronFormation ("BIF") at surface, which has a known strike length of 3.1km.Significantly, the BIF is proven to extend NE from African Mineral's 12.8billion tonne operational Tonkolili iron mine, into Sula's licence area, whichis located contiguously to Tonkolili. Furthermore, a 2,000m scout drillingprogramme conducted over a 2.2km section of BIF in July 2013, confirmedconsistently high grade iron mineralisation at Ferensola. The Company isfocussed on delineating a maiden JORC compliant iron resource on the DSO in2014, and proving up the gold mineralisation in order to maximise theFerensola's value potential. Significant Greenstone Belt-style gold mineralisation has also been identifiedat various prospects within the licence area. Five target areas for hard rockgold mineralisation have been identified based on the location of historicdrill intercepts, the source areas for alluvial gold deposits, and the positionof major structures as defined by airborne magnetic data and drainageorientation. Field work has been carried out recently and, following theprocessing and interpretation of all geophysical and assay results, Sula willbe able to define robust drill targets at two principal target areas - theLagunda and Yanfarina prospects. Further targets are yet to be explored.