Business
NEW ISSUE OF OPTIONS
NEW ISSUE OF OPTIONS.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n Griffin Mining Ld\n15 February 2007\n\n\n\n 15th February 2007\n\n NEW ISSUE OF OPTIONS TO KEY PERSONNEL & DIRECTORS\n\n\nGriffin Mining Limited ('Griffin' or the 'Company') has agreed to grant further\noptions over 10,000,000 new ordinary shares to directors and key employees of\nthe Company (the 'Options'). Each Option will entitle the holder to subscribe\nfor new ordinary shares in the Company at an exercise price of 110 pence per new\nordinary share on or before 28th February 2010. The Options will vest with each\noption holder in 3 separate and equal instalments amounting to 1.6% of the\nenlarged share capital of the Company per annum as follows:\n\n\n I. The first third of each holder's options will vest on 31st December 2007;\n\n II. The second third of each holder's options will vest on 31st December 2008; \n and\n\nIII. The last third of each holder's options will vest on 31st December 2009.\n\nThe Options will not vest if an employee or a director resigns or leaves the\nCompany for cause prior to the vesting event taking place. All the Options will\nvest immediately upon a takeover offer being made or a change in substantial\ncontrol of the Company taking place prior to the Options expiring.\n\nUpon exercise of these and existing options granted, the resulting new ordinary\nshares will represent approximately 7.41 per cent. of the Company's enlarged\nissued share capital. Existing options currently vested represent approximately\n2.75 per cent. of the Company's enlarged share capital.\n\n\nThese Options have been allocated as follows:\n\n\n \n Number of Options to subscribe for one new ordinary share in the Company\n\n New Options now Total number of Total number of\n Options now Options vested\n Granted held\nDirectors:\nMladen Ninkov (Chairman) 6,000,000 8,000,000 2,000,000\nRoger Goodwin (Finance Director) 1,200,000 1,775,000 575,000\nDal Brynelsen (Director) 400,000 600,000 200,000\nWilliam Mulligan (Director) 400,000 600,000 200,000\n\nManagement: \nKey personnel 2,000,000 4,500,000 2,500,000\nTotal 10,000,000 15,475,000 5,475,000\n\n\n\nFurther information\n\nMladen Ninkov - Chairman Telephone: +44(0)20 7629 7772\nRoger Goodwin - Finance Director\nGriffin Mining Limited\n\nAdrian Hadden / Christopher Rollason Telephone: +44(0)20 7523 8353\nCollins Stewart Europe Limited\n\nHugo de Salis Telephone: +44(0) 2...