Business
Board Appointment and Issue of Share Options
Board Appointment and Issue of Share Options.
About this update from Kodal Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 2953Y Kodal Minerals PLC 08 May 2019 \n\n \n \nKodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining\n \n8 May 2019\nKodal Minerals plc ('Kodal Minerals' or the 'Company')\n \nBoard Appointment and Issue of Share Options\n \nKodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project in Southern Mali, is pleased to announce the immediate appointment of Mr. Mark Pensabene as an independent Non-Executive Director.\n \nMr. Pensabene is a highly experienced Project Manager and company executive with key industry experience in mineral processing and gas plant construction and associated infrastructure development. Mark holds Bachelor degrees in Engineering and Commerce from the University of Western Australia and has over 20 years' industry experience, including as COO for ASX listed Galaxy Resources Limited where Mark led the optimisation and improvement of the Mount Cattlin Lithium mine in Western Australia. Mark is currently General Manager - Infrastructure and Development at Mineral Resources Limited. Mark will be proposed for re-election by shareholders at the next Annual General Meeting of the Company.\n \nBernard Aylward, CEO of Kodal Minerals, remarked: \"We are very pleased to welcome Mark to the Board and we believe his recent history with the development and operation of hard rock lithium mines will add further expertise to the Board as we focus on the planning and engineering of the development of the Bougouni Lithium project.\"\n \nThe Company has entered into an option agreement with Mr. Pensabene under which 10 million options have been granted to him which will vest in three tranches, subject to Mr. Pensabene's continued appointment, and will be exercisable at 0.14p and 0.25p per share as follows: \n \n\n\n\nVesting Date\n\n\nExercise Price\n\n\nTotal\n\n\n\n\n0.14p\n\n\n0.25p\n\n\n\n\n1st Anniversary of Date of Grant\n\n\n1,666,667\n\n\n1,666,667\n\n\n3,333,334\n\n\n\n\n2nd Anniversary of Date of Grant\n\n\n1,666,667\n\n\n1,666,666\n\n\n3,333,333\n\n\n\n\n3rd Anniversary of Date of Grant\n\n\n1,666,666\n\n\n1,666,667\n\n\n3,333,333\n\n\n\n\nTotal\n\n\n5,000,000\n\n\n5,000,000\n\n\n10,000,000\n\n\n\n \nEach option is exercisable into one ordinary share of the Company and has a ...