Business
Replacement RNS - Grant of Options
Replacement RNS - Grant of Options.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 07 August 2013 \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n \n \n \n \nOrtac Resources Limited ('Ortac' or 'the Company')\nGrant of Options\n \n7 August 2013\n \n \nOrtac Resources Ltd, the AIM listed exploration and development company focussed on natural resource projects in Europe, announces thatit has resolved to grant options over 60 million ordinary shares of no par value in the Company to certain key management.\nThese share options represent 2.6% of issued capital with total incentive share options on issue representing 11.7% of issued share capital. \nThe share options have a 5 year term from vesting and are issued in three tranches with the following exercise prices and vesting dates:\n\n\n\n\n\n\n\nNo. Options\n\n\nVest Date\n\n\nExercise Price\n\n\nExpiry\n\n\n\n\nTranche 1\n\n\n20,000,000\n\n\n1 January 2013\n\n\n1.1 p\n\n\n30 June 2018\n\n\n\n\nTranche 2\n\n\n20,000,000\n\n\n1 January 2014\n\n\n1.5p\n\n\n31 Dec 2019\n\n\n\n\nTranche 3\n\n\n20,000,000\n\n\n1 January 2015\n\n\n1.8p\n\n\n31 Dec 2020\n\n\n\n\nThe options have been granted as part of an overall strategy to remunerate and incentivise key management. The criteria for eligibility include workload, operational input, the disparity between actual salary and market equivalent rates and parity with other management and staff within the organisation. \n**ENDS**\n \n \n \n \n \n \n \n \n \n \nFor further information please visit www.ortacresources.com or contact:\n \nVassilios Carellas Ortac Resources Ltd Tel: +44 (0) 20 7389 9050\nCharles Wood Ortac Resources Ltd Tel: +44 (0) 20 7389 9050\nStewart Dickson Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000\nCatherine Leftley Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000\nJeremy Stephenson &...