Cancellation of Share Options
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ECR Minerals plc (LON:ECR), the exploration and development company focused on gold in Australia, announces that it has agreed with certain Directors to cancel the following share options ("Options") over 54,000,000 ordinary shares in the Company (the "Cancellation"). No further Options will be issued in the near term.
| Name of Director | Option issued on 17 April 2023 (three tranches exercisable at 1p, 2p and 3p) | Option issued 23 January 2022 (at an exercise price of 2.2p | Total Options which are the subject of the Cancellation | Total Options held by directors following the Cancellation |
|---|---|---|---|---|
| David Tang (Chairman) | 6,000,000 | 10,000,000 | 16,000,000 | NIL |
| Adam Jones | 12,000,000 | 5,000,000 | 17,000,000 | NIL |
| Andrew Scott | 6,000,000 | 15,000,000 | 21,000,000 | NIL |
| Nick Tulloch | NIL | NIL | NIL | NIL |
| Trevor Davenport | NIL | NIL | NIL | NIL |
| TOTAL | 24,000,000 | 30,000,000 | 54,000,000 | 0 |
ECR Managing Director Nick Tulloch commented: "Our Board are fully focussed on aligning with shareholders amid these challenging market conditions and we have also sought to limit as far as possible any further dilution for shareholders. The cancellation of all outstanding share options marks a significant recognition in that regard. At the time of our recent fundraising, Mike Whitlow and I joined on a substantially performance-based remuneration package and other members of the board sacrificed part of their salary to take shares at the fundraising price. I would expect any further equity awards that we may make to management to follow this template."
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