22nd Jul 2009 13:17
|
AIM: GMA |
22 July 2009 |
GMA RESOURCES Plc
("GMA" or "the Company")
Issue of Options
The Company announces that 1,000,000 share options (the "Options") have been granted to Douglas Perkins, Chief Executive Officer, at an exercise price of 4.125 pence per share, being the closing middle market price of the Company's ordinary shares on 20 July 2009. The Options are exercisable for five years and will vest over a period of 18 months from the date of the grant, as follows:
|
Number of shares |
Vesting date |
|
333,333 |
20 January 2010 |
|
333,333 |
20 July 2010 |
|
333,334 |
20 January 2011 |
The Options will also be subject to certain performance criteria.
In addition to the above, Douglas Perkins currently holds 3,800,000 share options at exercise prices of between 7 pence and 10 pence per share, all of which are fully vested.
Enquiries:
|
GMA Resources Plc David Netherway |
Tel: +44 (0) 7764189695 |
|
John East & Partners Limited, a subsidiary of Merchant Securities plc (Nominated Adviser) Bidhi Bhoma |
Tel: +44 (0) 20 7628 2200 |
Notes to Editors:
GMA owns a controlling 52 per cent. stake in ENOR spa ("ENOR"), the Algerian based operating company for the Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.
ENOR holds the exploitation authorization to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city of Tamanrasset, in southern Algeria. Amesmessa is an open pit heap leach gold mine located in the extreme south of the permit area. The Tirek gold mine is located in the northern third of the exploration permit area, some 60 km north of Amesmessa. Research to date suggests that the Zita Zone, which lies between Tirek and Amesmessa, offers considerable potential for the development of additional prospects amenable to open-pit mining. GMA plans to expand upon resources outside of the major 80km north/south Tirek-Amesmessa fault and other exploration targets on the property.
Related Shares:
Kemin Resources