Options Cancellation

RNS Number : 6279I

Strategic Minerals PLC

02 June 2014

 



2 June 2014

Strategic Minerals plc

(the "Company")

Cancelled and outstanding options

Strategic Minerals plc (AIM:SML; USOTC: SMCDY) has cancelled share options over 50,000,000 ordinary shares in the Company that had previously been issued to past directors.  The Company will seek to put in place an incentive programme for the Company's current management in the near future and will make an announcement in due course.

Executive Chairman, Julien McInally, stated, "The Company is in a good position going forward with no debt, an income producing asset at Cobre, a significant reduction in overheads being worked on and a number of new acquisition projects being reviewed.  The cancellation of these options allows space for the current management team to be appropriately incentivised and to ensure alignment of management performance with shareholder value."

Following the cancellation of these options, there are a total of 22,421,416 warrants and options over the Company's ordinary shares currently outstanding, which represent approximately 3.1% of the current issued ordinary share capital of the Company.  The details of the outstanding warrants and options are provided below, with each warrant/option providing the right to acquire one ordinary share in the Company.

No of Options/Warrants	Exercise Price	Expiry Date	Vesting date
4,000,000	20 pence	01.03.2015	vested
8,421,416	5 pence	29.06.2016	vested
6,000,000	5 pence	27.06.2016	vested
4,000,000	7.5 pence	27.06.2016	30.06.2014

For further information:

Company
Strategic Minerals plc
Julien McInally Executive Chairman	[phone]
Nominated Adviser/Joint Broker
Allenby Capital Limited
Jeremy Porter / James Reeve	[phone]
Joint Broker
Daniel Stewart & Company Plc
Sean Lunn / David Hart	[phone]
Financial PR
Tavistock Communications
Jos Simpson / Nuala Gallagher	[phone]

 

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