NEW ISSUE OF OPTIONS
15 Februar 2007 - 8:01AM
UK Regulatory
RNS Number:2743R
Griffin Mining Ld
15 February 2007
15th February 2007
NEW ISSUE OF OPTIONS TO KEY PERSONNEL & DIRECTORS
Griffin Mining Limited ("Griffin" or the "Company") has agreed to grant further
options over 10,000,000 new ordinary shares to directors and key employees of
the Company (the "Options"). Each Option will entitle the holder to subscribe
for new ordinary shares in the Company at an exercise price of 110 pence per new
ordinary share on or before 28th February 2010. The Options will vest with each
option holder in 3 separate and equal instalments amounting to 1.6% of the
enlarged share capital of the Company per annum as follows:
I. The first third of each holder's options will vest on 31st December 2007;
II. The second third of each holder's options will vest on 31st December 2008;
and
III. The last third of each holder's options will vest on 31st December 2009.
The Options will not vest if an employee or a director resigns or leaves the
Company for cause prior to the vesting event taking place. All the Options will
vest immediately upon a takeover offer being made or a change in substantial
control of the Company taking place prior to the Options expiring.
Upon exercise of these and existing options granted, the resulting new ordinary
shares will represent approximately 7.41 per cent. of the Company's enlarged
issued share capital. Existing options currently vested represent approximately
2.75 per cent. of the Company's enlarged share capital.
These Options have been allocated as follows:
Number of Options to subscribe for one new ordinary share in the Company
New Options now Total number of Total number of
Options now Options vested
Granted held
Directors:
Mladen Ninkov (Chairman) 6,000,000 8,000,000 2,000,000
Roger Goodwin (Finance Director) 1,200,000 1,775,000 575,000
Dal Brynelsen (Director) 400,000 600,000 200,000
William Mulligan (Director) 400,000 600,000 200,000
Management:
Key personnel 2,000,000 4,500,000 2,500,000
Total 10,000,000 15,475,000 5,475,000
Further information
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited
Adrian Hadden / Christopher Rollason Telephone: +44(0)20 7523 8353
Collins Stewart Europe Limited
Hugo de Salis Telephone: +44(0) 20 7242 4477
St Brides Media & Finance Ltd
Griffin Mining Limited's shares are quoted on the Alternative Investment Market
(AIM) of the London Stock Exchange (symbol GFM).
The Company's news releases are available on the Company's web site:
www.griffinmining.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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