Grant of Options

RNS Number : 8733G

Griffin Mining Ld

28 October 2008

 



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]

28th October 2008

WITHDRAWAL OF ISSUE OF 23.75 MILLION OPTIONS

SUBSTANTIALLY REDUCED ISSUE OF OPTIONS

Griffin Mining Limited ('Griffin' or the 'Company') has agreed to withdraw the proposed grant of options over 23.75 million ordinary shares in the Company to key personnel and directors announced at the time of the placing of new ordinary shares with Citadel in July 2007. It was deemed inappropriate by the Board to do so in the current market conditions. Instead, it has been agreed to grant a more appropriate set of options (the 'new options') over 5,000,000 new ordinary shares to directors and key employees of the Company (the 'Options') in order to maintain key personnel in a still extremely tight employment market in line with standard industry practice. 

Each Option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of 20 pence per new ordinary share on or before 31st October 2013. The Options will vest with each option holder in 3 separate and equal instalments as follows:

I.    The first third of each holder's options will vest immediately;

II.    The second third of each holder's options will vest on 31st December 2009; and

III.    The last third of each holder's options will vest on 31st December 2010.

The 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 Options will vest immediately upon a takeover offer being made or a change in control of the Company taking place prior to the Options expiring.

Upon exercise of these and existing options granted, the resulting new ordinary shares will represent approximately 9.8 per cent of the Company's enlarged issued share capital. Existing options currently vested represent approximately 5.1 per cent of the Company's enlarged share capital.

These Options have been allocated as follows:

	Number of Options to subscribe for one new ordinary share in the Company
		New Options  granted		Total number of Options now held		Total number of Options vested
Directors:
Mladen Ninkov (Chairman)		3,000,000		11,000,000		5,000,000
Roger Goodwin (Finance Director)		600,000		2,375,000		1,175,000
Dal Brynelsen (Director)		200,000		800,000		400,000
William Mulligan (Director)		200,000		800,000		400,000
Management:
Key personnel		1,000,000		4,800,000		3,266,667
Total		5,000,000		19,975,000		10,241,667

Further information

Mladen Ninkov - Chairman	Telephone: [phone]
Roger Goodwin - Finance Director
Griffin Mining Limited
Adrian Hadden	Telephone: [phone]
Collins Stewart Europe Limited

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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