Business
Grant of Options
Grant of Options.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n RNS Number : 1181I Griffin Mining Ld 04 March 2010 \n \n\n \n \n60 St James's Street, London SW1A 1LE, United Kingdom\nTelephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773\nE mail: [email protected]\n \n4th March 2010\n \n \nGRANT OF OPTIONS\n \n \nWith the recent lapse of unexercised options over 10,000,000 ordinary shares in Griffin Mining Limited (\"Griffin\" or the \"Company\"), the Company has today agreed to grant a new set of options (the \"new options\") over 10,000,000 new ordinary shares to directors and key employees of the Company in order to retain and incentivize key personnel with managerial and operating experience in non-standard jurisdictions in a tight mining employment market.\n \nEach Option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of £0.45 per new ordinary share on or before 28th February 2015. The Options will vest with each option holder in 3 separate and equal instalments as follows:\n \nI. The first third of each holder's options will vest immediately;\n \nII. The second third of each holder's options will vest on 31st December 2010; and\n \nIII. The last third of each holder's options will vest on 31st December 2011.\n \nThe Options will not vest if an employee or a director resigns or leaves the Company for cause prior to the vesting event taking place. All the Options will vest immediately upon a takeover offer being made or a change in control of the Company taking place prior to the Options expiring.\n \nUpon exercise of these and existing options granted, the resulting new ordinary shares will represent approximately 7.5 per cent of the Company's enlarged issued share capital. Existing options currently vested represent approximately 1.6 per cent of the Company's enlarged share capital.\n \n \nThese Options have been allocated as follows:\n \n\n\n\n\n\n\n\nNumber of Options to subscribe for one new ordinary share in the Company\n\n\n\n\n\n\n\n\n\n\nNew Options \ngranted\n\n\n\n\n\nTotal number of Options now held \n\n\n\n\n\nTotal number of Options vested \n\n\n\n\nDirectors:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMladen Ninko...