Issue of Options
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your GRL notes
GoldStone Resources Limited (AIM:GRL) announces that the Board has approved the issuance of share options ("Options") to directors and a senior manager of the Company.
The award of the Options represents the first issuance of share options by the Company since September 2011 and the Board believes that it is essential for the Company's directors and senior managers to be suitably incentivised to drive the business forwards and to further align their interests with those of the Company's shareholders.
A total of 56,000,000 Options have been granted, of which: 50% will vest immediately and are exercisable at a price of £0.02 per ordinary share ("Tranche 1"); 25% will vest when production is greater than 650 oz per month for three consecutive months and are exercisable at £0.025 per ordinary share ("Tranche 2"); and 25% will vest when all-in sustaining production costs at the Homase Mine are reduced to US$1,500 per month for three consecutive months and are exercisable at a price of £0.03 per ordinary share ("Tranche 3").
The allocation of the Options to be issued is as presented in the table below:
| Tranche 1 | Tranche 2 | Tranche 3 | Total | |
|---|---|---|---|---|
| Angela List | 3,750,000 | 1,875,000 | 1,875,000 | 7,500,000 |
| Emma Priestley | 8,500,000 | 4,250,000 | 4,250,000 | 17,000,000 |
| Richard Wilkins | 3,750,000 | 1,875,000 | 1,875,000 | 7,500,000 |
| Orrie Fenn | 4,500,000 | 2,250,000 | 2,250,000 | 9,000,000 |
| Campbell Smyth | 3,750,000 | 1,875,000 | 1,875,000 | 7,500,000 |
| Senior Manager | 3,750,000 | 1,875,000 | 1,875,000 | 7,500,000 |
| Total | 28,000,000 | 14,000,000 | 14,000,000 | 56,000,000 |
Following the grant of the above Options, the total number of options granted represents approximately 8.53% of the Company's existing issued share capital, and there are no other options issued or outstanding.
| e | Reason for notification | |
| a. | Position/Status | a) Non-Executive Director (Chair) b) Director (CEO) c) Non-executive Director d) Non-executive Director e) Non-executive Director |
| b. | Initial notification /Amendment | Initial Notification |
| a. | Name | Goldstone Resources Limited |
| b. | LEI | 213800B7ATYRPQUTS551 |
| 4 | Details of the transaction(s): section to be repeated for (e) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
| a. | Description of the financial instrument, type of instrument Identification Code | Options over Ordinary shares of 0.3p each JE00BRJ8YF63 |
| b. | Nature of the transaction | Grant of Share Options |
| c. | Price(s) and volume(s) | Total* a) 7,500,000 b) 17,000,000 c) 7,500,000 d) 9,000,000 e) 7,500,000 *50% will vest immediately and are exercisable at a price of £0.02 per ordinary share; 25% will vest when production is greater than 650 oz per month for three consecutive months and are exercisable at £0.025 per ordinary share; and 25% will vest when all-in sustaining production costs at the Homase Mine are reduced to US$1,500 per month for three consecutive months and are exercisable at a price of £0.03 per ordinary share |
| d. | Aggregated information - Volume* - Price | 48,500,000 As above |
| f. | Place of the transaction | Off-exchange |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.