Grant of Options

RNS Number : 4473T

Beowulf Mining PLC

20 July 2015

 

20 July 2015

Beowulf Mining plc

("Beowulf" or the "Company")

Grant of Options to Directors

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company principally focused on the Kallak iron ore project in northern Sweden and its Swedish exploration portfolio, announces that options were granted on 17 July 2015 over a total of 17,000,000 ordinary shares of 1 pence, representing approximately 4% in the issued share capital of the Company. The allocation to directors is as follows:

Director	Position	Number of Options  Granted	Total number of Options Held
Kurt Budge	CEO	9,000,000	9,500,000
Bevan Metcalf	Chairman	8,000,000	8,500,000

The exercise price of 1.66 pence per share, is a 32.8% premium over the closing mid-market share price on 17 July 2015. The options vest over a two year period with one third vesting immediately on grant, one third on the first anniversary of grant and one third on the second anniversary of grant. The options are valid for five years from the date of grant.    

The options granted to Mr. Budge have been granted under the Company's Enterprise Management Incentive Scheme while the options granted to Mr. Metcalf have been granted under the Company's Unapproved Share Option Scheme.

Following the grant, there are 22,054,222 options in issue representing approximately 5.1% of the Company's issued share capital. Of the total number of options in issue 12,333,334 options have not yet vested.

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer	Tel: [phone]
Beaufort Securities Limited (Joint Broker)
Jon Belliss	Tel: [phone]
Cantor Fitzgerald Europe (Joint Broker and Nomad)
Stewart Dickson/Jeremy Stephenson/Carrie Drummond	Tel: [phone]
Blytheweigh
Tim Blythe/Megan Ray	Tel: [phone]
http://www.beowulfmining.com

 

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