Business
New Issue of Options
New Issue of Options.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n Griffin Mining Ld\n16 March 2006\n\n\n\n GRIFFIN MINING LIMITED\n\n 60 St James's Street, London SW1A 1LE, United Kingdom\n\n Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773\n\n E mail: [email protected]\n\n\n 16th March 2006\n\n\n NEW ISSUE OF OPTIONS TO KEY PERSONNEL & DIRECTORS\n\n\nFollowing the appointment of a new project manager for Griffin Mining Limited's\n('Griffin' or the 'Company') operations in China, and in order to retain key\npersonnel in the current buoyant mining market, Griffin has today agreed to\ngrant further options over 5,475,000 new ordinary shares to key employees and\nthe directors of the Company (the 'Options'). Each Option will entitle the\nholder to subscribe for new ordinary shares in the Company at an exercise price\nof 65 pence per new ordinary share on or before 28th February 2009. The Options\nwill vest with each option holder in 3 separate and equal instalments as\nfollows:\n\n\nI. The first third of each holder's options will vest immediately;\n\n\n\nII. The second third of each holder's options will vest on 30th June 2006; \n and\n\n\n\nIII. The last third of each holder's options will vest on 31st December \n 2006.\n\n\n\nThe Options will not vest if an employee or a director resigns or leaves the\nCompany prior to the vesting event taking place. All the Options will vest\nimmediately upon a takeover offer being made or a change in substantial control\nof the Company taking place prior to the Options expiring.\n\n\n\nUpon exercise of these and existing options granted, the resulting new ordinary\nshares will represent approximately 7.5 per cent. of the Company's enlarged\nissued share capital or on exercise of these options immediately vesting and\nexisting options currently vested the resulting new ordinary shares will\nrepresent approximately 4.25 per cent. of the Company's enlarged share capital.\n\n\n\nThese Options have been allocated as follows:\n\n\n Number of Options to subscribe for one new ordinary share in the Company\n New Options New Options Total number of Total number of\n now granted now vesting Options now Options now\n held vesting\n\nDirectors:\n\nMladen Ninkov (Chairman) 2,000,000 666,667 8,000,000 4,666,667\nRoger Goodwin (Finance Director) 575,000 191,667 2,275,000 1,325,000\nDal Brynelsen (Director) 200,000 66,667 800,000 466,667\nWillia...