Business
Issue of Share Options and Warrants
Issue of Share Options and Warrants.
About this update from Jangada Mines Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0762I\n Jangada Mines PLC\n 10 August 2021\n \n \n \n \n Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining\n \n \n 10 August 2021\n \n \n Jangada Mines plc\n \n \n \n \n \n Issue of Share Options and Warrants\n \n \n \n \n \n Jangada Mines plc ('Jangada' or the 'Company'), a natural resources company, announces that it has approved an incentivisation scheme for the Board of Directors and Brazilian based employees and consultants of the Company. There is no incentive scheme currently in place.\n \n \n \n \n \n The incentivisation scheme is split into two tranches, and involves the issue of share options (\"Options\") over new ordinary shares of £0.0004 each in the Company (\"Ordinary Shares\"), with an exercise price of 8 pence per Option (the \"Exercise Price\"), and an expiry period of four years from the date of grant. The Exercise Price is an c. 13% premium to the 10-day VWAP to 6 August 2021 of the Ordinary Shares.\n \n \n \n \n \n · \n Tranche A, whereby Option holders are granted Options with vesting conditions linked to performance; and\n \n \n · \n Tranche B, whereby Option holders are granted Options without vesting conditions linked to performance.\n \n \n \n \n \n Tranche A\n \n \n \n \n \n \n \n \n Name of Option holder\n \n \n \n \n Number of Ordinary Shares over which the Options are to be granted\n \n \n \n \n \n \n Brian McMaster\n \n \n \n \n 9,000,000 Options which shall vest as follows: \n \n \n · \n 4,200,000 Options will vest immediately following the granting of all necessary permits required to commence production at the Pitombeiras Vanadium Project (the \"Permit Condition\"); and \n \n \n · \n 4,800,000 Options will vest immediately following commencement of production at the Pitombeiras Vanadium Project (\"First Production\").\n \n \n \n \n \n \n Luis Azevedo\n \n \n \n \n 7,500,000 Options which shall vest as follows: \n \n \n · \n 3,500,000 Options will vest immediately on achievement of the Permit Condition; and \n \n \n · \n 4,000,000 Options will vest immediately on First Production.\n \n \n \n \n \n \n Brazil based employees and consultants\n \n \n \n \n 3,750,000 Options which shall vest as follows:\n \n \n · \n 1,750,000 Options will vest immediately on achievement of the Permit Condition; and \n \n \n · \n 2,000,000 ...