Director/PDMR Shareholding

RNS Number : 1322S

Griffin Mining Ld

04 November 2013

 

Griffin Mining Limited

60 St James's Street, London SW1A 1LE, United Kingdom

Telephone: + 44 (0)20 7629 7772  Facsimile:  + 44 (0)20 7629 7773

E mail: [e-mail]

Exercise of Options

4th November 2013.

Griffin Mining Ltd ("the Company") announces that the Company has been notified on 31st October 2013 of the exercise of options ("the Options") granted to the directors and management in October 2008 over 4,400,000 new ordinary shares in the Company at an exercise price of 20p per share to raise £880,000 for the Company.

The Company has been informed by persons exercising Options over 500,000 of these shares that they intended to sell those ordinary shares. In order to maintain an orderly market in the Company's shares, the Company has agreed to buy out the Options over these shares at the difference between the exercise price and the mid market value of the Company's shares at close of business on 31st October 2013 of 34.5p.

The Options have been exercised by, and the new Ordinary shares issued as follows:

	Number of Options held		Number of Options Exercised		Number of options bought out		Number of shares retained
Non Directors	3,000,000		3,000,000		-		3,000,000
Roger Goodwin (Director)	600,000		600,000		300,000		300,000
Dal Brynelsen (Director)	200,000		200,000		-		200,000
William Mulligan (Director)	200,000		200,000		-		200,000
Other management	400,000		400,000		200,000		200,000
Total	4,400,000		4,400,000		500,000		3,900,00

Mr Roger Goodwin is selling 300,000 Options in order to meet his UK tax liability immediately arising on the exercise and sale of the Options held by him.

Following the exercise and buy out of the Options there will be 179,111,830 Ordinary Shares in the Company in issue. There are no shares held in treasury. The directors' interests in the ordinary shares of the Company will be as follows:

	Ordinary shares Number		Options over ordinary shares, exercisable at 45p Number
Mladen Ninkov	33,001		6,000,000
Dal Brynelsen	200,001		400,000
Rupert Crowe	1		-
Roger Goodwin	877,830		1,200,000
William Mulligan	500,001		400,000

Application will be made to the London Stock Exchange for 3,900,000 new ordinary shares to be admitted to trading on AIM. These new ordinary shares will rank pari passu in all respects with the existing ordinary shares. It is expected that admission will become effective on 11 November 2013.

 

 

Further information

Griffin Mining Limited:

Mladen Ninkov                    (Chairman)

Roger Goodwin                    (Finance Director & Company Secretary)                  Telephone: [phone]

Panmure Gordon (UK) Limited                                                                                           Telephone: [phone]

               Dominic Morley

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

 

END

 

 

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