Griffin Mining Ld CAPITAL SHARE STRUCTURE RATIONALIZATION PROGRAM (2592L)
30 Dezember 2022 - 8:00AM
UK Regulatory
TIDMGFM
RNS Number : 2592L
Griffin Mining Ld
30 December 2022
8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y
6LX, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629
7773
E mail: griffin@griffinmining.com
Capital Share Structure Rationalization & Incentivization
Program
30(th) December 2022
Griffin Mining Limited ("Griffin" or the "Company") is pleased
to announce a rationalization of the capital structure of the
Company by the proposed repurchasing and cancellation of the long
outstanding options over shares in the Company issued in 2014 and
2015 (the "Options") exercisable at forty pence and thirty pence
per share respectively by 31(st) December 2023.
In consideration of the surrender of the Options, a number of
fully paid shares in the Company will be issued to those Option
holders equal to the inherent monetary value in the Options (the
"Scheme"). As those Options were issued by the Company to
incentivize the Option holders in the pursuit of the new mining
licence over Zone II, which was granted in January 2021, and the
fully diluted share capital of the Company has included the
Options, the Scheme is being implemented to simplify the capital
structure of the Company.
Should all the Option holders agree to the Scheme, the number of
Options cancelled by the Company will amount to 19.52 million
Options. At the market closing price of the Company's shares as at
24(th) December 2022, if all Option holders accepted the Scheme
offer, approximately 11.165 million new fully paid ordinary shares
would be issued. The exact number of new shares issued will be
announced after ascertaining which and how many Option holders
accept the Scheme.
The offer to the Option holders to accept the Scheme will remain
open for 14 days following the date of this announcement.
A new Company share incentive plan will also be implemented to
retain vital key executives of the Company, in particular, Mladen
Ninkov. Up to 10 million new fully paid ordinary shares may be
issued which will be escrowed until the 31(st) December 2024.
Further details of the share incentive plan including the exact
number of shares issued will also be announced when finalised.
In both above new share issues, at no time will the aggregate
number of total shares issued under the Scheme and the Management
incentive plan ever exceed the current total of 19.52 million
outstanding Options in issue and, as such, the share issues will be
non-dilutive to the current shareholders of the Company assuming
all current outstanding Options were exercised before their expiry
date.
Chairman of the Remuneration Committee, Dean Moore, commented ,
"I am pleased that the Board has adopted the recommendations of the
Remuneration Committee designed to deliver a reward structure which
wholly aligns the interests of key management with all stakeholders
over the next 2 years."
About Griffin Mining Limited
Griffin Mining Limited's shares are quoted on the Alternative
Investment Market (AIM) of the London Stock Exchange (symbol GFM).
Griffin Mining Limited owns and operates through its 88.8% owned
Joint Venture in China the Caijiaying Zinc Gold Mine, a profitable
mine producing zinc, gold, silver, and lead metals in concentrates.
For more information, please visit the Company's website
griffinmining.com.
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
John Prior
Dougie McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
BlytheRay
Tim Blythe Telephone: +44(0)20 7138 3205
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
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END
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