1st Aug 2007 09:01
International Ferro Metals Limited01 August 2007 1 August 2007 International Ferro Metals Ltd ("the Company") Issue of Shares and the Issue and Cancellation of Options Issue of Shares On 31 July 2007, the Company issued and allocated: - 666,668 new Ordinary Shares, following the exercise of options, at an exerciseprice of A$0.40 per share; - 666,666 new Ordinary Shares, following the exercise of options, at an exerciseprice of A$0.65 per share; - 235,454 new Ordinary Shares, pursuant to the Jiuquan Iron and Steel GroupCompany Limited ("JISCO") Subscription Agreement, at a price of A$0.40 pershare; and - 235,453 new Ordinary Shares, pursuant to the Jiuquan Iron and Steel GroupCompany Limited ("JISCO") Subscription Agreement, at a price of A$0.65 pershare. Following the issue of these 470,907 new Ordinary Shares and the receipt ofAustralian Foreign Investment Review Board approval for the subscription byJISCO to additional shares in the issue of 9th July 2007JISCO will have aninterest of 146,613,988 Ordinary Shares or 29.1% of the issued share capital ofthe Company. Following the issue of these 1,804,241 new Ordinary Shares the issued sharecapital of the Company is 504,010,792. Application will be made for these newOrdinary Shares to be admitted to AIM, and trading is expected to commence on 7August 2007. Issue of Options to Directors and Senior Executives The Company has issued a total of 6 million options exercisable at £1.30 (beingthe market price at the time of issue) which will expire on 31 July 2010 to theDirectors and Senior Executives of the Company. The first 20% of the optionswill vest on 31 December 2007 with a further 20% of the options vesting everysix months after that date. The options issued to the non executive Directorswill require shareholder approval at the forthcoming Annual General Meeting ofthe Company. The Directors and Senior Executives will be issued with the following options: A Grey 1,000,000 optionsS Turner 1,000,000 optionsX Yang 500,000 optionsT Willsteed 250,000 optionsS Oke 250,000 optionsI Watson 250,000 optionsT Xia 250,000 options Senior Executives 2,500,000 options Cancellation of Options The two holders of 1,290,714 unlisted options have agreed to the cancellation ofthese options. For further information please contact: International Ferro Metals LimitedStephen Turner, Managing DirectorMob: +61 418 440 844www.ifml.com-------------- Grant Thornton Corporate FinanceFiona OwenTel: 020 7383 5100 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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