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28 Dec 2012 12:00
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28 December 2012
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Orogen Gold Plc
("Orogen Gold" or "the Company")
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Re-pricing of Share Options
Orogen Gold Plc (ORE.L) the AIM listed European gold exploration company announces that is has re-priced the exercise price on a total of 200,000,000 share options held by directors of the Company from 0.95p per share to 0.60p per share.Β The share options are exercisable during the period 16 February 2012 and 15 February 2021.
The share options were originally granted in February 2011 at the time of the reverse takeover of Medavinci Plc by Orogen Gold Limited and after the Company's share price had recorded substantial gains associated with the reverse takeover. The re-pricing brings the strike price of the options more into line with the current market price of the shares and should now deliver appropriate incentive and reward to the Board.
The rebasing of the exercise price of the Options to Directors is a related party transaction under the AIM Rules. Where a company enters into a related party transaction the independent directors of the company are required by the AIM Rules to consult with the company's Nominated Adviser. In this case there are no independent directors and Zeus Capital, as the Company's Nominated Adviser, therefore confirms that it considers the rebasing to be fair and reasonable in so far as Shareholders are concerned.
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Enquiries:
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Orogen Gold Plc Ed Slowey, CEO Alan Mooney, FD Website: www.orogengold.com Β | Β +353 1662 8395 Β Β |
Zeus Capital Limited Nominated Adviser and Joint Broker Corporate Finance Ross AndrewsAndrew Jones | Β Β +44 (0)161 831 1512 |
XCAP Securities Plc Joint Broker Jon Belliss Β | Β Β +44 (0) 207 101 7070 |
Newgate Threadneedle Financial PR Beth Harris Richard Gotla | Β Β +44 (0) 207 653 9840 Β |
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