Grant of Options

RNS Number : 2191T

Red Rock Resources plc

23 September 2010

 



RED ROCK RESOURCES PLC

Grant of options

Dated: 23 September 2010

Red Rock Resources plc ("Red Rock" or the "Company") announces that on 22 September 2010 it granted options to subscribe for a total 17 million ordinary shares to directors and employees.  Of these, options in respect of 11,000,000 ordinary shares are exercisable at a price of 3.2 pence per share, expiring on the fifth anniversary of grant.  One half may be exercised immediately, with the balance once year after the date of grant. These were granted as below:

Andrew Bell	3,250,000
Michael Nott	2,000,000
John Watkins	1,000,000
Manoli Yannaghas	1,000,000
Robert Weicker	250,000
Other Employees	3,500,000

Options over the remaining 6,000,000 ordinary shares were granted to Manoli Yannaghas pursuant to an earlier decision of the remuneration committee.  These are exercisable at a price of 2.4226 pence per share (being the average closing price on AIM in the 30 days preceding grant) and expire on the fifth anniversary of grant with vesting periods as below:

2,000,000	On grant
2,000,000	On commissioning of the 100 tpd capacity processing plant at the El Limon mine in Colombia by 31 December 2010
2,000,000	On the earlier of exercise of the Company's options to acquire shares in Mineras Four Points SA ("Mineras"), or upon repayment in full of all loans made to Mineras

Following the grant, the directors are interested in options to subscribe for ordinary shares as set out below:

Name	Number of options	Expiry date	Exercise Price
Andrew Bell	3,000,000	31 May 2011	1.25 pence
	750,000	11 May 2012	3.5 pence
	10,000,000	3 June 2014	1.1 pence
	3,250,000	22 September 2015	3.2 pence
Michael Nott	750,000	31 May 2011	1.25 pence
	1,000,000	11 May 2012	3.5 pence
	2,000,000	22 September 2015	3.2 pence
John Watkins	500,000	31 May 2011	1.25 pence
	750,000	11 May 2012	3.5 pence
	1,000,000	22 September 2015	3.2 pence
Manoli Yannaghas	750,000	31 May 2011	1.25 pence
	1,000,000	22 September 2015	3.2 pence
	6,000,000	22 September 2015	2.4226 pence
Robert Weicker	500,000	31 May 2011	1.25 pence
	750,000	11 May 2012	3.5 pence
	250,000	22 September 2015	3.2 pence

Enquiries:

Red Rock Resources plc
Andrew Bell, Chairman	0207 402 4580/07766 474849
Sandra Spencer, Public and Investor Relations	0207 402 4580/07757 660 798
Nominated Adviser
Religare Capital Markets
Peter Trevelyan-Clark/Ben Jeynes	020 7444 0800
Broker
Simple Investments Ltd
Nick Emerson, Renato Rufus	01483 413500

 

Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.

 

END

 

 

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