11 May 2011 07:00
11 May 2011
TRI-STAR RESOURCES PLC
("Tri-Star Resources" or the "Company")
Grant of Options
Tri-Star Resources (AIM: TSTR) announces that, on 10 May 2011, the remuneration committee of the Company approved the grant of options over, in aggregate, 306,000,000 ordinary shares of 0.005 pence each in the share capital of the Company ("Ordinary Shares") to certain directors of the Company (the "Options").
The Options will vest in the following manner: one third on the date of the grant; one third on the first anniversary following the date of the grant; and the final third on the second anniversary following the date of the grant. At each of the three vesting stages, the Options will be exercisable at a range of prices, from 1 to 3 pence, split in the following manner:
Split of vesting Options at any one vesting stage | Exercise price | |
29% | 1 pence | |
29% | 2 pence | |
42% | 3 pence |
Details of the grant of Options to the directors of the Company are as follows:
Number of Options granted | Total number of Ordinary Shares held under option | |
Mehmet Vehbi Eyi | 64,500,000 | 64,500,000 |
Brian Spratley | 64,500,000 | 64,500,000 |
Michael Hirschfield | 44,250,000 | 134,250,000 |
Adrian Collins | 44,250,000 | 44,250,000 |
Jos Trusted | 44,250,000 | 44,250,000 |
Jonathan Quirk | 44,250,000 | 44,250,000 |
In addition, a further 48,000,000 options have been granted to employees and consultants to the Company on the same terms. As a result, there are, in aggregate, 444,000,000 options over Ordinary Shares outstanding, representing 8.82 per cent. of the Ordinary Shares currently in issue.
Enquiries:
Tri-Star Resources Plc Michael Hirschfield
| Tel: +44 (0)844 8157 339 |
Strand Hanson Limited (Nomad) James Harris / Paul Cocker / Liam Buswell | Tel: +44 (0)20 7409 3494
|