Business
Board App't, Ex. of Warrants & Issue of Equity
Board App't, Ex. of Warrants & Issue of Equity.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 5560C African Mining & Exploration PLC 08 March 2011 \n\n \n \n \nAfrican Mining & Exploration plc ('AME' or the 'Company')\n \nBoard Appointment, Exercise of Warrants and Issue of Equity\nBoard Appointment\nAfrican Mining & Exploration plc, (AME), the AIM listed mining company with exploration licences in Mali, West Africa, is pleased to announce the appointment of Roger Williams as an Independent Non-Executive Director with effect from today. He will chair AME's Audit Committee and will join AME's Remuneration Committee.\nRoger, a UK citizen, is a UK and South African chartered accountant with over 20 years' international experience in mining finance. In 1997 he joined Randgold Resources working on its London Stock Exchange listing and its later secondary listing on NASDAQ, where he was appointed Group Finance Director in 2002. From 2002 to 2007 he was part of the management team that oversaw its expansion, raising debt finance, managing its treasury operations and assisting on M&A and new business. He is currently acting as consultant to two companies in the mining industry and is a non-executive director of Shaftsinkers plc. \nThe Board has also determined to grant Roger Williams 500,000 options over ordinary shares in the Company under the its Share Option Plan at an exercise price of 16.12 pence per share (being AME's closing mid-market price on 7 March 2011). In accordance with the Share Option Plan, one third of these options will vest immediately and on each of the first and second anniversaries of AME's admission to AIM.\nStephen Oke, Chairman of African Mining & Exploration commented: \n\"We are delighted to welcome Roger Williams to the Board. We are confident his wealth of experience and skills will complement our Board going forward and we believe this appointment provides further testament to the Company's potential.\"\nExercise of Warrants and Issue of Equity\nAME also announces it has received a notice of exercise of warrants in respect of 272,000 ordinary shares of 1p par value at an exercise price of 12.5p per share. The net proceeds that will be received by the Company following the exercise of the warrants is £34,000.\nFurther, AME announces that it has entered into a 12-month contract with Peregrine Inves...