Amur Minerals Corporation Directors' Dealing, Issue of Equity & Option Grant (3631U)
July 28 2015 - 1:14PM
UK Regulatory
TIDMAMC
RNS Number : 3631U
Amur Minerals Corporation
28 July 2015
28 July 2015
Amur Minerals Corporation
(AIM: AMC)
Directors' Dealings, Issue of Equity and Grant of Options
Amur Minerals Corporation ("Amur" or the "Company"), an
exploration and development company focused on Far East Russia,
announces that on 27 July 2015 its Board of Directors issued
2,359,200 ordinary shares of no par value in the Company ("Ordinary
Shares") and 12,607,000 share options over Ordinary Shares to
certain directors, key executives and employees ("Share
Options").
The grant of Share Options is intended to incentivise and retain
executives and key Russian staff as well as replace share options
that have expired during the last two years. The Share Options are
allocated as follows:
Name Options Existing Total share
awarded share options
at 24.58p options
per Ordinary
Share
Robin Young 3,301,000 11,400,000 14,701,000
Bob Schafer 748,000 4,350,000 5,098,000
Brian Savage 635,000 3,550,000 4,185,000
Senior Management
and Employees 7,923,000 7,965,500 15,888,500
Total 12,607,000 27,265,500 39,872,500
The Share Options, which vest over a period of one year, were
granted at a strike price of 24.58 pence, representing a 31%
premium to the closing mid-market price on 24 July 2015 of 17
pence. One third of the options granted vest immediately with two
additional vesting periods occurring at six month intervals
following grant. Hence, full vesting of the newly issued options
will occur one year from 27 July 2015. The Share Options will
expire on 27 July 2020 and can be exercised no sooner than two
years from the date of vesting. Following this grant, the total
number of share options now outstanding is over 39,872,500 Ordinary
Shares, which represents 9.2% of the current issued ordinary share
capital of the Company, and the average exercise price of all
outstanding share options is 14.73 pence.
As detailed above, the Company notes that certain of the Share
Options have been issued to Non-Executive Directors ("NED's"). The
Company NED's have been an integral part of the evaluation of the
Company engineering works and have declined payment of fees for
services beyond that typically required of NED Board members and
for which they have the right to charge additional fees when such
circumstances occur. By undertaking such action, the Company
continues to preserve funds for direct use on the advancement of
the Kun-Manie project.
In addition, on 27 July 2015 the Board of Directors approved a
bonus of two months' salary (being GBP33,756) for Mr Young for
achieving the grant of the mining licence. Mr. Young requested that
the bonus be satisfied by the issue of Ordinary Shares at the
closing mid-market price of 17 pence on 24 July 2015. Accordingly,
198,567 Ordinary Shares were issued to Mr. Young on 27 July 2015.
In addition, 2,160,633 Ordinary Shares were issued to an employee
and service provider at 17 pence per share in lieu of remuneration
and consideration due to them.
The new Ordinary Shares will rank pari passu in all respects
with the existing Ordinary Shares including the right to receive
any dividend or other distribution thereafter declared, made or
paid. Application has been made to the London Stock Exchange for
the new Ordinary Shares to be admitted to trading on AIM
('Admission'). It is expected that Admission will become effective
and that dealings in the new Ordinary Shares will commence on 3
August 2015.
Following Admission, the Company's total issued share capital
will consist of 436,546,489 ordinary shares of no par value.
The revised shareholding of Robin Young in the ordinary share
capital of the Company, prior to and following Admission, is as
follows:
Number of Ordinary Issue of new Number of Percentage
Shares held prior Ordinary Shares Ordinary Shares of issued
to Admission held following share capital
Admission held following
Admission
------------------- ----------------- ----------------- ----------------
2,107,501 198,567 2,306,068 0.53
------------------- ----------------- ----------------- ----------------
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP PR
Robin Young Dominic Barretto
CEO Ewan Leggat Kelsey Traynor
Katy Birkin
+44 (0) 7981 +44 (0) 20 3470 +44 (0) 77
126 818 0470 99 003 220
This information is provided by RNS
The company news service from the London Stock Exchange
END
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