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 28th 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 31st December 2010; and
III.The last third of each holder’s options will vest on 31st 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:
| Directors | New Options granted | Total number of Options now held | Total number of Options vested |
| 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 |
