Business
Grant of Share Options
Grant of Share Options.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 20 November 2017 \n\n20 November 2017\nOrtac Resources Ltd\n(\"Ortac\" or the \"Company\")\nGrant of Share Options\nOrtac Resources Ltd, the AIM listed exploration and mine development company, is pleased to announce that the Company has agreed to issue options over a total 12,025,710 new ordinary shares of no par value (\"Ordinary Shares\") of the Company (\"Share Options\") to Nick von Schirnding, Chairman of Ortac and Vassilios Carellas, Chief Operating Officer. \nThe Share Options have an exercise price of 2.625 pence per Ordinary Share, being the closing mid-market price for Ordinary Shares of Ortac on 17 November 2017. The Share Options expire on 17 November 2022.\nDetails of the Share Options granted are set out below:\n \n\n\n\n\n \nName\n\n\n \nTitle\n\n\nNumber of new Share Options granted\n\n\nNumber of Ordinary Shares subject to Option following the grant of new Options\n \n\n\n\n\nNick von Schirnding\n\n\nChairman\n\n\n6,220,195\n\n\n \n7,620,195\n \n\n\n\n\nVassilios Carellas\n\n\nChief Operating Officer\n\n\n5,805,515\n\n\n7,605,515\n \n\n\n\n\nTotal\n\n\n\n\n\n12,025,710\n\n\n \n15,225,710\n\n\n\n\nFollowing the above grant, there are a total of 16,080,710 Share Options granted over unissued Ordinary Shares granted to Directors and employees of the Company, representing approximately 4.82% of the Company's current issued Ordinary Share capital of 333,801,654 Ordinary Shares. \nNick von Schirnding is a director of Ortac and Vasilios Carellas is a person discharging managerial responsibilities (\"PDMR\") and are therefore regarded as related parties as defined by the AIM Rules for Companies (the \"AIM Rules\"). The grant of Options to each of them is classified as a related party transaction for the purposes of Rule 13 of the AIM Rules. Mr Brian McMaster, being the only independent director, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.\n \nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of t...