Grant of Share Options

RNS Number : 8144U

Hummingbird Resources PLC

05 December 2013

 



Hummingbird Resources plc

("Hummingbird Resources" or the "Company") (AIM: HUM)

Grant of share options

The Company announces that on 5 December 2013, 2,336,500 options over ordinary shares of 1p each in the Company were granted to certain directors, group employees and consultants.  These share options are exercisable at 41p per share and amount to 3.9% of the issued share capital in total. The share options vest in two tranches over the period to 1 June 2015 and / or on satisfaction of certain performance criteria being met in accordance with our policy of retaining and motivating key individuals.

Additionally as a condition of the grant of certain of these options on 5 December 2013 1,501,500 options over ordinary shares of 1p each in the Company were voluntarily relinquished by the holders.  These share options amounted to 2.5% of the issued share capital in total.

Of the options detailed above, the following were awarded to directors of the Company:

Name	Options Relinquished	Options Granted
Daniel Betts	(334,000)	584,000
William Cook	(207,000)	382,000
Thomas Hill	(201,000)	301,000
David Pelham	(130,000)	130,000
Ian Cockerill	(90,000)	90,000
Stephen Betts	(66,000)	66,000
Matthew Idiens	(66,000)	66,000
	___________	___________
Total granted to / (relinquished by) directors	(1,094,000)	1,619,000
Granted to / (relinquished by) non directors	(407,500)	717,500
	___________	___________
TOTAL GRANTED  / (RELINQUISHED)	(1,501,500)	2,336,500
	___________	__________

The total number of ordinary shares currently in issue is 59,484,764, with options and investor warrants outstanding over 5,453,500 ordinary shares and 1,612,903 ordinary shares respectively.

ENDS

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer
Thomas Hill, Finance Director
Robert Monro, Head of Business Development	[phone]
Cantor Fitzgerald Europe
Nominated Adviser and Broker
Stewart Dickson / Tom Sheldon / Jeremy Stephenson	[phone]
FTI Consulting LLP
Financial PR
Ben Brewerton / Oliver Winters	[phone]

Notes to Editors

About Hummingbird Resources Plc

Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia. The Group has published a PEA on its project showing on a 3.5Mtpa tank leach operations an NPV of US$337m on a Capex of US$212m for an IRR of 43.4%. This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).

The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade.

In 2013, the Group is moving the Dugbe 1 Project towards feasibility with over 15,800m of infill drilling completed this year. Additionally, the Group's licence areas constitute a significant proportion of eastern Liberia's Birimian sequence.

For more information, please visit www.hummingbirdresources.co.uk

 

END

 

 

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