Non-Executive Directors' Dealings

RNS Number : 1329U

Amur Minerals Corporation

16 December 2011

 



16 December 2011

AMUR MINERALS CORPORATION

(AIM: AMC)

Non Executive Directors Purchase Amur Shares

Amur Minerals Corporation ("Amur" or the "Company"), a nickel-copper sulphide mineral exploration and resource development company focused on far east Russia, announces that its Non Executive Directors, Robert Schafer and Brian Savage, have opted to receive ordinary shares in lieu of their quarterly remuneration for the third and fourth quarters of 2011.  The purchase cost of the ordinary shares on 16 December 2011 was 11.25 pence, representing a premium of 23.3 per cent. to the closing mid-market price of 9.125p as at 15 December 2011.

·     Robert Schafer's Non Executive compensation for the third and fourth quarters of 2011 equates to US$20,000.  His role includes acting as the Non Executive Chairman of the Board of Directors and sitting on the Remuneration and Audit Committees.  This represents a purchase of 113,636 ordinary shares.  

·     Brian Savage's Non Executive compensation for the third and fourth quarters of 2011 equates to US$16,500.  This represents a purchase of 93,749 ordinary shares.

·     In addition, a senior employee has elected to convert part of his December salary to shares at the same price which has resulted in the issue of a further 5,682 shares.

The share purchase was completed at 11.25 pence per share and a currency conversion rate of 0.6392 Sterling to USD was utilised.

The following table presents a comprehensive summary of the distribution of ordinary shares and options held by the Directors of Amur following these transactions:

Directors	Ordinary Shares Held	Percentage of issued share capital	Allocated Share Options
Robin Young - CEO	1,587,160	0.57	4,086,000
Robert Schafer - Chairman	146,969	0.05	2,454,000
Brian Savage - Non Executive Director	93,749	0.03	1,600,000
Total	1,827,878	0.65	8,140,000

Concurrently with the above placing of ordinary shares, Amur is issuing 500,000 ordinary shares to Lanstead Capital LP (Lanstead) as part of an agreed payment that completes the placing transaction between Amur and Lanstead undertaken on 22 March 2011.  The shares issued to Lanstead were assigned at a value of 10 pence per share.

Application will be made for the new shares to be admitted to trading on AIM and dealings are expected to commence on 23 December 2011.

Following these transactions the distribution of ordinary shares and options outstanding is as follows:

Ordinary Shares in Issue	278,575,179
Options Outstanding*	13,607,000
Fully Diluted Shares Outstanding	292,182,179

* Options outstanding have been reduced by 240,000 shares due to expiry of certain unexercised options

Robin Young, CEO of Amur Minerals, commented:

"As CEO of Amur, I welcome the acquisition of shares by our Non Executive Directors and senior staff.  This reflects the confidence that we as a group have in the already defined substantial deposit, its exploration upside and our ability to develop the project within Russia. This transaction also represents a cost saving measure which allows us to make use of these funds in advancing on the ground work at the Kun-Manie nickel - copper project."

Enquiries:

Company Amur Minerals Corp.	Nomad and Joint Broker RBC Capital Markets	Joint Broker Hybridan LLP	Public Relations Lothbury Financial Services
Robin Young CEO	Martin Eales	Claire Louise Noyce Deepak Reddy Tim Goodman	Michael Padley
[phone]	[phone]	[phone]	[phone]

 

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