Grant of Options

RNS Number : 1181I

Griffin Mining Ld

04 March 2010

 



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]

4^th March 2010

 

GRANT OF OPTIONS

With the recent lapse of unexercised options over 10,000,000 ordinary shares in Griffin Mining Limited ("Griffin" or the "Company"), the Company has today agreed to grant a new set of options (the "new options") over 10,000,000 new ordinary shares to directors and key employees of the Company in order to retain and incentivize key personnel with managerial and operating experience in non-standard jurisdictions in a tight mining employment market.

Each Option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of £0.45 per new ordinary share on or before 28^th February 2015. 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 31^st December 2010; and

III.    The last third of each holder's options will vest on 31^st December 2011.

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 7.5 per cent of the Company's enlarged issued share capital. Existing options currently vested represent approximately 1.6 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)			6,000,000		9,000,000		4,000,000
Roger Goodwin (Finance Director)			1,200,000		1,800,000		800,000
Dal Brynelsen  (Director)			400,000		600,000		266,667
William Mulligan  (Director)			400,000		600,000		266,667
Management:
Key personnel			2,000,000		2,400,000		900,000
Total			10,000,000		14,400,000		6,233,334

 

 

 

 

 Further information

Mladen Ninkov - Chairman                                                                               Telephone: [phone]

Roger Goodwin - Finance Director

Griffin Mining Limited

Investec Investment Banking:

Stephen Cooper                                                                                                  Telephone: [phone]

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

 

 

MSCSSMFMLFSSEFD