Business
Issue of Share Options
Issue of Share Options.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n 11 May 2023\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.\n \nAndrada Mining Limited\n(\"Andrada\" or the \"Company\")\nIssue of Share Options\nIssue of Equity (Shares in lieu of Directors Fees)\nAndrada Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia announces that the Company has today granted options over 41,217,116 ordinary shares of the Company (\"Options\") to certain Directors, senior managers, and employees of the Company, in line with its Long-Term Incentive Scheme (\"LTIP\"). The LTIP was established to incentivise and reward individuals whose skills and extensive experience facilitate the implementation of the Company's strategic objectives.\nEmployees were awarded the majority of the options with the balance being issued to Directors and senior managers of the Company, as detailed below. The Options are exercisable at a price of 6p per ordinary share. For the employees and senior managers, the Options can be exercised at any time from 1 May 2026, for a period of seven years and for the Directors, the Options can be exercised at any time from 1 May 2028, for a period of seven years, subject to certain additional conditions being satisfied. In each case, the options will vest in three tranches and each tranche can only be exercised if the 60-day Volume Weight Average Price (\"60-day VWAP\") of the Andrada share price exceeds the target share price for that tranche. The target share price for the three tranches are 7p, 8p and 9p respectively. These targets have been created to ensure that the incentives capture the sustainable improvement in the business performance. The Options expire in 2033 and are also conditional on the continued employment of the relevant recipient as an employee of the Company at the time of exercise.\nUntil recently, Andrada has been in early production and feasibility study phase with low cash generative capacity. To that eff...