Last checked at 6 May 2009 10:30
6 May 2009
Announcement to London Stock Exchange
Issue of Shares
Solomon Gold plc ("Solomon Gold" or the "Company") yesterday issued a total of 1,750,000 ordinary shares of 1 penny each in the capital of the Company (the "Shares") to three (3) key employees and contractors.
The Directors resolved to issue the Shares as bonus remuneration to Jason Ward (Exploration Manager; 750,000 shares), Benn Whistler (Principal Geologist; 600,000 shares) and Nicholas Biliki (Geologist and Land & Relationships Manager; 400,000 shares) (together, the "Parties") in recognition of their outstanding efforts over the last three (3) years.
The Shares are subject to escrow periods pursuant to Deeds executed by each of the Parties. Under the terms of the Deeds, the Shares have their current tradeable component restricted to 10%. Of the 90% escrowed balance, a further 10% becomes tradeable at the expiration of each of 6, 12 and 18 months from the date hereof. At the expiration of 24 months, the remaining balance of the escrowed Shares shall become tradeable.
The Shares have been granted by Solomon Gold to reflect the extreme dedication of the Parties to the aims and objectives of the Company and in the management of its holdings, tenements, programs, and landholder relationships on Guadalcanal, Solomon Islands, from December 2005 to date.
The Company has today applied to the London Stock Exchange to seek admission of the non-escrowed Shares to AIM. It is expected, subject to such approval being granted, that the Shares will be admitted to trading no later than 8.00 a.m. on 11 May 2009.
The Company shall apply for admission of the escrowed shares to trading on AIM upon expiry of the relevant escrow periods outlined above.
The Company now has on issue 67,041,504 fully paid ordinary shares.
By order of the Board
Karl Schlobohm
Company Secretary
Contacts:
Mr Karl Schlobohm
Company Secretary
Tel: +61 7 3303 0660 or kschlobohm@solomongold.com
Mr Stephen Weir
RFC Corporate Finance
Nominated Advisor
Tel +61 2 9250 0048 or Stephen.Weir@rfc.com.au