Additional issue of shares and options

RNS Number : 8287J

Ferrex PLC

13 August 2012

 



Ferrex plc / Index: AIM / Epic: FRX / Sector: Mining

13 August 2012

Ferrex plc ('Ferrex' or 'the Company')

Additional issue of shares and options

Ferrex plc, the AIM quoted iron ore and manganese development company focused on Africa, announces that application has been made for the admission to trading on AIM for a total of 222,222 ordinary shares of 0.5 pence per share ("Ordinary Shares") with admission expected to take place on 17 August 2012.

The 222,222 Ordinary Shares have been issued at a price of 2.25 pence per share in consideration of fees relating to the placing announced on 20 July 2012 on the same terms as that placing. Accordingly, the placee will also receive 111,111 warrants exercisable at 3.25 pence per share for a period of 36 months from 9 October 2012 (each a 'Warrant').  The Warrants will not be admitted to trading on AIM.

Following the issue of the 222,222 Ordinary Shares, the Company will have 609,867,462 Ordinary Shares with voting rights in issue.

In addition, the Remuneration Committee of the board, after comparison with other listed entities, has authorised the issue of the following options to the board and management:

Excercise Price (p)	3.50	4.00	4.50	Total Number of Options
Brian Moritz	1,000,000	1,000,000	1,000,000	3,000,000
Dave Reeves	3,000,000	3,000,000	3,000,000	9,000,000
Mark Styles	2,000,000	2,000,000	2,000,000	6,000,000
James Carter	1,000,000	1,000,000	1,000,000	3,000,000
Roy Pitchford	500,000	500,000	500,000	1,500,000
Justin Longley	1,500,000	1,500,000	1,500,000	4,500,000
Russell Lamming	1,000,000	1,000,000	1,000,000	3,000,000
Exercise Period	20/07/2013 to 20/07/2016	20/07/2014 to 20/07/2017	20/07/2015 to 20/07/2018	-

These new options are awarded in addition to the exiting 12,000,000 options which are exercisable at a prices of between 2.0p and 3.0p by The Brosjeca Trust of which James Carter is a beneficiary.

**ENDS**

For further information visit www.ferrexplc.com or contact the following:

Dave Reeves	Ferrex plc	+ 61 (0) 420 372 740
Russell Lamming	Ferrex plc	+ 44 (0) 781 0870 587
Colin Aaronson/ David Hignell	Grant Thornton Corporate Finance	[phone]
John Prior / Sebastian Jones	Cannacord Genuity	[phone]
Felicity Edwards/ Elisabeth Cowell	St Brides Media and Finance Ltd	[phone]

Notes

Ferrex plc is an AIM quoted exploration and development company focused on advancing low capex iron ore and manganese projects in Africa through the development cycle and into production.  Our current property portfolio comprises of an iron ore project (Malelane) and two manganese projects - The Leinster project in South Africa and Nayega in Togo all of which offer the potential for significant near-term value uplift.

The Company's growth strategy is centred on advancing its current assets, utilising its Board and management team's considerable experience in developing resource projects across Africa and expanding its portfolio through acquisitions to build Ferrex into a mid-tier, low-cost producer of iron ore and manganese.

 

END

 

 

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