Grant of Options

RNS Number : 5930G

Vane Minerals PLC

24 October 2008

 



24th October 2008 

VANE Minerals Plc 

('VANE' or the 'Company')

Remuneration Review and Grant of Options 

VANE Minerals today announces that following the results of a remuneration review carried out by the Company's Remuneration Committee, It has been decided that share options be granted to Directors and senior management on the following terms, in line with the Company's existing option scheme:

• Options exercisable at a price of 10p (compared to the mid-market price of the Company's ordinary shares on AIM as at close of business on 23rd October 2008 of 3.375p).

• Options only exercisable following three consecutive months where the mid-market price of the Company's ordinary shares on AIM has met or exceeded 150% of the option price.

• Options expire on the 25th May 2014

Acting upon the recommendation of the Remuneration Committee, the Company yesterday awarded share options to the following individuals:

Kris Hefton	Director, VANE Minerals (US) LLC	4,400,000
Matthew Idiens	Commercial Director, VANE Minerals Plc	2,200,000
Ian McNeill	Finance Manager, VANE Minerals Plc	1,750,000
Luis Perez	Director, Minerals VANE SA de CV	1,050,000

Commenting today, David Ingmire, head of the remuneration committee said: 

'Those granted options have been influential in VANE securing the Company's funding, generating revenues and a portfolio of highly prospective uranium projects which we are currently in the process of drilling. I also believe the work management has done bringing Uranium One into partnership with VANE deserves to be rewarded. At a time like this in the economic cycle, however, we are also trying to ensure VANE is very secure when it comes to retaining key staff to drive the business forward. The granting of today's options represents an opportunity for Directors and management to benefit with other VANE shareholders in a successful realisation of the Company's strategy of bringing North American uranium mines into production. It also shows the level of confidence the team has in its ability to grow the business.'

For further information, please contact:

VANE Minerals Plc	[phone]
Matthew Idiens
Ambrian Partners Limited	[phone]
Richard Brown
Thomas Weisel Partners	[phone]
Paul Newman
Threadneedle Communications	[phone]
Laurence Read/Beth Harris	[phone]

Notes to Editors

VANE Minerals is an exploration company, with a cash flow, financed in part by production from the Silver/Gold Diablito Mine in Western Mexico. The Company has assembled a highly qualified and experienced management team with a proven track record in exploration and development. VANE now has projects in Mexico, Paraguay and the US, incorporating exposure to gold, silver, copper and uranium. The Company's principal objective is to utilise the funds generated from Diablito to identify and explore undervalued and under-explored projects, create value in those projects and realise that value through exploitation or disposal to third parties.  For further information, please visit www.vaneminerals.com.

 

END

 

 

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