Grant of Options

Ortac Resources Limited

07 August 2013

 

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration

Draft RNS

Ortac Resources Limited ('Ortac' or 'the Company')

Grant of Options

7 August 2013

Ortac Resources Ltd, the AIM listed exploration and development company focussed on natural resource projects in Europe, announces thatit has resolved to grant options over 60 million ordinary shares of no par value in the Company to certain key management.

These share options represent 2.6% of issued capital with total incentive share options on issue representing 11.7% of issued share capital.

The share options have a 5 year term from vesting and are issued in three tranches with the following exercise prices and vesting dates:

	No. Options	Vest Date	Exercise Price	Expiry
Tranche 1	20,000,000	1 January 2013	1.1 p	30 June 2018
Tranche 2	20,000,000	1 January 2014	1.5p	31 Dec 2019
Tranche 3	20,000,000	1 January 2015	1.8p	31 Dec 2020

The options have been granted as part of an overall strategy to remunerate and incentivise key management.  The criteria for eligibility include workload, operational input, the disparity between actual salary and market equivalent rates and parity with other management and staff within the organisation.

**ENDS**

 

For further information please visit www.ortacresources.com  or contact:

Vassilios Carellas       Ortac Resources Ltd               Tel: [phone]

Charles Wood             Ortac Resources Ltd               Tel: [phone]

Stewart Dickson          Cantor Fitzgerald Europe        Tel: [phone]

Catherine Leftley        Cantor Fitzgerald Europe        Tel: [phone]

Jeremy Stephenson     Cantor Fitzgerald Europe        Tel: [phone]

Caspar Shand-Kydd     RFC Ambrian Limited              Tel: [phone]

Jen Boorer                   RFC Ambrian Limited              Tel: [phone]

 

END

 

 

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