Issue of Options
10 März 2004 - 1:56PM
UK Regulatory
RNS Number:3648W
Griffin Mining Ld
10 March 2004
10th March 2004
NEW ISSUE OF OPTIONS TO KEY EMPLOYEES & DIRECTORS
Griffin Mining Limited ("Griffin" or the "Company") announces that it has today
agreed to grant options over 15,000,000 new ordinary shares to key employees and
the directors of the Company (the "Options"). Each Option will entitle the
holder to subscribe for new ordinary shares in Griffin at 27.5 pence per share
(being the offer price of Griffin ordinary shares at the close of business on 9
March 2004) on or before 28 February 2007. The grant of the Options follows the
successful placing of 35 million shares at 25 pence per share, to raise #8.75
million, on 24 February 2004. Upon exercise, the resulting new ordinary shares
will represent approximately 7.8 per cent of the Company's enlarged issued share
capital.
These options have been allocated as follows:
New optionsTotal number of
options to subscribe
for one new ordinary
share now held
following grant
Directors:
Mladen Ninkov (Chairman) 9,500,000 9,500,000
Roger Goodwin (Finance Director) 2,500,000 2,500,000
Dal Brynelsen (Director) 1,000,000 1,000,000
William Mulligan (Director) 1,000,000 1,000,000
Management:
Jeff Sun (General Manager China) 300,000 300,000
Rupert Crowe (Project Manager) 400,000 400,000
Warren Woodhouse (Geologist) 50,000 50,000
Total 14,750,000 14,750,000
The remaining 250,000 are to be held and allocated on the appointment of
additional key staff.
Further information
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited
Russell Cook Telephone: +44(0)20 7953 2000
Charles Stanley & Co. Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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