Business
Business Update, Salary Reductions, Options Grant
Business Update, Salary Reductions, Options Grant.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \n \n RNS Number : 9846M\n Ormonde Mining PLC\n 15 May 2020\n \n \n \n \n 15 May 2020\n \n \n \n \n \n Ormonde Mining plc\n \n \n (\"Or\n m\n onde\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n \n \n Business Update, Reduction of Director and Management Salaries \n \n \n and Granting of Options\n \n \n \n \n \n Ormonde advises that while the global COVID-19 pandemic continues with non-essential travel having ceased, only desk-study work will be ongoing on the Company's Spanish projects. The Company continues to focus its efforts on review of new opportunities for deployment of capital and enhancement of shareholder value, with over eighty resource sector projects having been reviewed in the short period since the disposal of the Company's interest in the Barruecopardo Tungsten Mine. A small number of these opportunities remain promising, being of an appropriate scale whereby the Company's cash would aid meaningful development, and which the directors believe could have the potential to add materially to shareholder value. Work on advancing these opportunities towards a successful conclusion will continue over the coming period.\n \n \n \n \n \n In light of the ongoing COVID-19 situation, and with the goal of retaining maximum cash reserves for allocation to opportunities in the resource sector, Ormonde's directors and executive management have agreed to a reduction in salaries representing an ongoing reduction in remuneration costs of 25%, effective from 1 May 2020.\n \n \n \n \n \n The Company also advises that it has granted conditional options (\"Options\") over 16,500,000 ordinary shares in the capital of the Company (\"Ordinary Shares\") to certain employees and directors of the Company, in accordance with the rules of the Company's Share Option Plan, which was approved by shareholders on 27 September 2018. \n \n \n \n \n \n The exercise price for each option is Euro 0.01, being 43% above the closing share price of an Ordinary Share on the Euronext Growth Market of the Euronext Dublin Exchange (\"Euronext\") on the day prior to award of the options, being 14 May 2020, and 37% above the average Euronext share price for the thirty day period prior to the award date.\n \n \n \n \n \n The Board considers that the holding of options hel...