22nd Apr 2009 11:24
For Immediate Release 22 April 2009
Templar Minerals Limited
('Templar Minerals' or 'the Company')
Issue of Options
Templar Minerals Ltd announces that it has today agreed to issue 33.6 million new options to Directors, staff and consultants. The subscription for new options in ordinary shares in the Company is at an exercise price of 1.7p per share being the current bid price per share, with a term of 10 years from the date of this announcement. The new options represent 6.1% of the existing Ordinary shares in issue.
The new options have been issued pursuant to the Company's share option scheme as set out in the AiM Admission Document of the Company dated 4 May 2007. The options have been issued to new staff and also to existing Directors in relation to their additional roles and responsibilities within the Group, as part of their remuneration arrangements with the Company. Directors have been allocated shares and options as follows:
|
Director |
Number of Options Issued at 1p per share |
|
Alastair Clayton |
11.2 million |
|
Charles Wood |
11.2 million |
Mr Clayton will be assisting with project financial and technical matters. Mr Wood is the Finance director who will be responsible for the Group's financial and corporate matters and project management.
The remaining options are being issued to staff. The options will vest 50% now and 50% on the first anniversary of the date of grant, also subject to each person continuing to act at least in their existing capacity within the Group.
Currently, Directors, staff and consultants take only a small part of their remuneration in the form of cash and the issue of the options as remuneration enables the Group to build an experienced management team whilst also maintaining the Group's cash reserves for the development of its assets.
The issue of new Ordinary Shares and new options to two Directors, Alastair Clayton and Charles Wood, is a Related Party Transaction under AiM Rule 13. Accordingly, David Lenigas, who is independent of the transaction for these purposes, considers having consulted the Company's Nominated Adviser, that the transaction is fair and reasonable in so far as the Company's shareholders are concerned.
Previous options awarded to various staff and directors on 4 January 2008 totalling 33.45 million have been cancelled since none of the recipients continue to work for the Company and as such none of these options have vested.
Enquiries
Templar Minerals Limited
David Lenigas Tel: +44 (0)20 7016 5100
Beaumont Cornish Limited
Roland Cornish / Rosalind Hill Abrahams Tel: +44 (0)20 7628 3396
Related Shares:
Arc Minerals