Issue of Share Options in Lieu of Directors' Fees
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
4 July 2014
Savannah Resources Plc
Issue of Share Options in Lieu of Directors' Fees
Savannah Resources Plc (AIM: SAV) advises that yesterday it agreed to issue share options to non-executive directors in lieu of payment of directors' fees in cash.
The Company recognises the significant contribution made by the Company's Non-Executive Directors to its recent strategy change and subsequent share price growth. The Company's Non-Executive Directors have agreed to be issued with share options in lieu of the payment of directors' fees in cash. This is consistent with their previous remuneration arrangements for which they had previously received a nominal £1 per year and were granted share options in the Company for services provided between July 2013 and January 2014.
Specifically, Professor Mike Johnson, the Company's Chairman, will be issued with 2,030,000 share options and Mr. Charlie Cannon-Brookes, a non-executive Director with 1,270,000 share options. This issue of share options covers directors' fees for the period from February 2014 to, and including, January 2015 and approximates to six months' fees being satisfied in arrears and six months' fees in advance. The exercise price for the share options is 5.0p per share, they have an exercise period limited to three years and they vest immediately.
**ENDS**
For further information please visit www.savannahresources.com or contact:
|
David Archer |
Savannah Resources plc |
Tel: +44 20 7389 5019 |
|
James Biddle (Nominated Adviser) Charlie Cryer (Corporate Broking) |
RFC Ambrian Ltd |
Tel: +44 20 3440 6800 |
|
Felicity Edwards/ Charlotte Heap |
St Brides Media & Finance Ltd |
Tel: +44 20 7236 1177 |
Notes
About Savannah
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity focussed exploration and development company. It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively have an exploration target of 7-12Bn tonnes at 3-4.5% THM1 (published in 2008).
Savannah also has the right to acquire two copper projects in the highly prospective Semail Ophiolite Belt in Oman. The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, will provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits.
In addition, Savannah owns an effective 20.9% strategic shareholding in Alecto Minerals Plc which provides Savannah with exposure to both the highly prospective Kossanto Gold Project in the prolific Kenieba inlier in Mali and also to the Wayu Boda and Aysid Meketel gold / base metal projects in Ethiopia for which Alecto has a joint venture with Centamin Plc. Under this joint venture, Centamin Plc is committing up to US$14m in exploration funding to earn up to 70% of each project.
This information is provided by RNS
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