Business
Issuance of Director & Employee share options
Issuance of Director & Employee share options.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 2055N\n Galileo Resources PLC\n 18 May 2020\n \n \n \n \n \n \n \n 18 May 2020\n \n \n \n \n \n Galileo Resources Plc \n \n \n (\"Galileo\" or the \"Company\")\n \n \n \n \n \n Issuance of Director & Employee share options\n \n \n Galileo, \n the exploration and development mining company\n , announces that options to subscribe for 35,100,000 new ordinary shares of the Company (\"Ordinary Shares\") in two tranches of 17,550,000 Ordinary Shares each were granted on 15 May 2020 to the directors of the Company and key officers and employees at an exercise price of 1.30 pence and 1.80 pence per Ordinary Share respectively, all of which vest immediately. The options have a term of five years and any unexercised options will expire at midnight 10 May 2025.\n \n \n \n \n \n The options announced today will result in a net increase of 35,100,000 options held by Directors, officers and employees of the Company. Subsequent to this grant, a total of 44,800,000 share options are held by the Company's current Directors, officers and employees representing approximately 8.0% of the Company's fully diluted share capital outstanding. All outstanding options held by current Directors, officers and employees, other than those included in this grant, have an exercise price of 1.85 pence per share.\n \n \n \n \n \n The Board approved the issuance of these share option grants to incentivise and retain key Directors, officers and employees critical to enhancing the future market value of the Company and notes the significant premium of the respective exercise prices relative to the current share price. The Board considered both historical practices and on-going funding requirements in this regard \n \n \n \n \n \n The option exercise prices in the two tranches are at approximately 53% and 112% premiums respectively to the closing mid-market price as at 15 May 2020. \n \n \n \n \n \n The grants made to the directors are as follows:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tranche 1\n \n \n \n \n Tranche 2 \n \n \n \n \n Tranches 1 &2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Director \n \n \n \n \n Number of Options\n \n \n \n \n Exercise price \n \n \n pence\n \n \n \n \n Number of Options...