6th Jan 2011 17:01
ECR MINERALS plc("ECR Minerals", "ECR" or the "Company")
AIM: ECRUS OTC: MTGDY
GRANT OF OPTIONS
London: 6 January 2010 - ECR Minerals plc announces that under the unapproved share option plan adopted by the board of directors of the Company on 19 November 2004 (the "Option Plan") it has issued a total of 25 million options ("Options") to directors, staff and consultants.
Each Option is exercisable to acquire one ordinary share of the Company at a price of 2.5p per share. The Options will remain valid, subject to the rules of the Option Plan, until the tenth anniversary of the date of grant. The Options will vest immediately.
The exercise price of the Options equates to a premium of approximately 30% to the closing mid-market price of the Company's shares on AIM on 5 January 2011.
Options have been issued to directors of the Company as follows:
Michael Silver, Chairman - 6,000,000 OptionsPatrick Harford, Managing Director - 5,800,000 OptionsMick Elias, Non-Executive Director - 2,500,000 Options
All unexpired Options previously issued under the Company's Option Plan as announced on 19 November 2004, 15 April 2005, 22 July 2005, 11 July 2007, and 3 January 2008 and as disclosed in the Company's annual financial statements have been cancelled.
About ECR Minerals
ECR is a mineral development company with interests in the USA, Argentina, Indonesia, Thailand and Australia.
For further information please contact:
| ECR Minerals plc | |||||
| Michael Silver, Chairman | Tel: +44 (0)20 7929 1010 | ||||
| Patrick Harford, Managing Director | |||||
| Stephen Clayson, Chief Financial Officer | |||||
| Email: [email protected] | |||||
| Website: www.ecrminerals.com | |||||
| Daniel Stewart & Company plc | |||||
| Oliver Rigby/Tessa Smith | Tel: +44 (0)20 7776 6550 | ||||
| Old Park Lane Capital plc | |||||
| Forbes Cutler | Tel: +44 (0)20 7518 2603 | ||||
| Barry Kaplan Associates | |||||
| Larry Kaplan | Tel: +1 732 747 0702 |
Copyright Business Wire 2011
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