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Last checked at 
2 Jun 2014 15:04
2 June 2014
Strategic Minerals plc
(the "Company")
Cancelled and outstanding options
Strategic Minerals plc (AIM:SML; USOTC: SMCDY) has cancelled share options over 50,000,000 ordinary shares in the Company that had previously been issued to past directors. The Company will seek to put in place an incentive programme for the Company's current management in the near future and will make an announcement in due course.
Executive Chairman, Julien McInally, stated, "The Company is in a good position going forward with no debt, an income producing asset at Cobre, a significant reduction in overheads being worked on and a number of new acquisition projects being reviewed. The cancellation of these options allows space for the current management team to be appropriately incentivised and to ensure alignment of management performance with shareholder value."
Following the cancellation of these options, there are a total of 22,421,416 warrants and options over the Company's ordinary shares currently outstanding, which represent approximately 3.1% of the current issued ordinary share capital of the Company. The details of the outstanding warrants and options are provided below, with each warrant/option providing the right to acquire one ordinary share in the Company.
No of Options/Warrants | Exercise Price | Expiry Date | Vesting date |
4,000,000 | 20 pence | 01.03.2015 | vested |
8,421,416 | 5 pence | 29.06.2016 | vested |
6,000,000 | 5 pence | 27.06.2016 | vested |
4,000,000 | 7.5 pence | 27.06.2016 | 30.06.2014 |
For further information:
Company | |
Strategic Minerals plc | |
Julien McInally Executive Chairman
| +61(0) 409 077 035 |
Nominated Adviser/Joint Broker | |
Allenby Capital Limited | |
Jeremy Porter / James Reeve
| +44 (0) 20 3328 5656 |
Joint Broker | |
Daniel Stewart & Company Plc | |
Sean Lunn / David Hart
| +44 (0) 20 7776 6550 |
Financial PR | |
Tavistock Communications | |
Jos Simpson / Nuala Gallagher | +44 (0) 20 7920 3150 |
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