6th Feb 2014 07:00
Sierra Rutile Limited
Extension of exercise period for Options
London, UK, 6 February 2014: Sierra Rutile Limited ("Sierra Rutile") announces that further to the announcement dated 19 November 2013, senior management employees and directors ("Option Holders") have been restricted from being able to exercise certain share options (the "Options"), pursuant to the Sierra Rutile's Share Option Plan (the "Share Option Plan"), which would otherwise lapse on 3 March 2014.
In order to allow Option Holders the opportunity to exercise their share options in accordance with the intent of the Remuneration Committee when the options were originally granted on 3 March 2011, the Board approved an amendment of the terms of the 7,493,750 Options granted to senior management employees and directors to extend the period for exercise of the Options until 31 July 2014 (the "Extension").
Other than the Extension, no other amendment has been made to the terms and conditions of the Options.
For Further Information:
Sierra Rutile Limited Yves Ilunga Chief Financial Officer
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+44 (0)20 7074 1800 |
RBC Capital Markets Nominated Adviser and Joint Corporate Broker Stephen Foss / Jonny Hardy
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+44 (0)20 7653 4000 |
Mirabaud Securities Joint Corporate Broker Peter Krens
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+44 (0)20 7321 2508 |
Kreab Gavin Anderson Marc Cohen / Christina Clark |
+44 (0)20 7074 1800 |
Notes to Editors
About Sierra Rutile Limited
Sierra Rutile produces titanium feedstock industrial minerals (primarily rutile, with some associated ilmenite), as well as smaller quantities of zircon. Sierra Rutile's mine, located in the south west of Sierra Leone, is one of the largest natural rutile deposits in the world, with a JORC-Compliant Mineral Resource for measured, indicated and inferred resources for the Sierra Rutile mine of over 800 million tonnes (as at 31 August 2012).
www.sierra-rutile.com
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