Grant of Options

RNS Number : 3271G

Tri-Star Resources PLC

11 May 2011

 



11 May 2011

TRI-STAR RESOURCES PLC

("Tri-Star Resources" or the "Company")

Grant of Options

Tri-Star Resources (AIM: TSTR) announces that, on 10 May 2011, the remuneration committee of the Company approved the grant of options over, in aggregate, 306,000,000 ordinary shares of 0.005 pence each in the share capital of the Company ("Ordinary Shares") to certain directors of the Company (the "Options").

The Options will vest in the following manner: one third on the date of the grant; one third on the first anniversary following the date of the grant; and the final third on the second anniversary following the date of the grant.  At each of the three vesting stages, the Options will be exercisable at a range of prices, from 1 to 3 pence, split in the following manner:

	Split of vesting Options at any one vesting stage	Exercise price
	29%	1 pence
	29%	2 pence
	42%	3 pence

 Details of the grant of Options to the directors of the Company are as follows:

	Number of Options granted	Total number of Ordinary Shares held under option
Mehmet Vehbi Eyi	64,500,000	64,500,000
Brian Spratley	64,500,000	64,500,000
Michael Hirschfield	44,250,000	134,250,000
Adrian Collins	44,250,000	44,250,000
Jos Trusted	44,250,000	44,250,000
Jonathan Quirk	44,250,000	44,250,000

In addition, a further 48,000,000 options have been granted to employees and consultants to the Company on the same terms.  As a result, there are, in aggregate, 444,000,000 options over Ordinary Shares outstanding, representing 8.82 per cent. of the Ordinary Shares currently in issue.

Enquiries:

Tri-Star Resources Plc                                         Michael Hirschfield	Tel: [phone]
Strand Hanson Limited (Nomad) James Harris / Paul Cocker / Liam Buswell	Tel: [phone]

 

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