Director/PDMR Shareholding

RNS Number : 5125V

Griffin Mining Ld

10 August 2015

 

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]

Grant of Options

10^th August 2015.

Further to the announcement by Griffin Mining Limited ("the Company") on 6^th February 2015 of the grant of 20,000,000 new options over ordinary shares in the Company to the Company's directors and management in order to retain and incentivise them, these options have now been allocated as follows:

	Options over number new ordinary shares in the Company
Executive & Non-Executive Directors:
Mladen Ninkov (Chairman)	12,000,000
Dal Brynelsen (Director)	900,000
Rupert Crowe (Director)	900,000
Roger Goodwin (Finance Director)	1,500,000
Adam Usdan (Director)	3,500,000
Senior Management	1,200,000
Total	20,000,000

Each new option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of 30 pence per new ordinary share on or before the 31st December 2020.

The new options will vest with each option holder in installments triggered by the following events:

i.    One third of each holder's options will vest immediately upon being granted;

ii.    A further third of each holder's options will vest on 31^st December 2016; and

iii.   A further third of each holder's options will vest on the granting of a new mining licence over Zone II at the Caijiaying mine.

The new 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 new options will vest immediately upon; a takeover offer being made; or a change in the business of the Company or its subsidiaries; or the sale of a substantial asset of the Company or by its subsidiaries; or a change in substantial control of the Company taking place prior to the options expiring.

Further information

Griffin Mining Limited

Mladen Ninkov - Chairman                              Telephone: [phone]

Roger Goodwin - Finance Director

Panmure Gordon (UK) Limited                               Telephone: [phone]

             Dominic Morley

Cantor Fitzgerald Europe Limited                                   Telephone: [phone] 

            Jeremy Stephenson

            Stewart Dickson

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

 

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