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Grant of Options

23 Sep 2010 15:38

RNS Number : 2191T
Red Rock Resources plc
23 September 2010
 



RED ROCK RESOURCES PLC

Grant of options

Dated: 23 September 2010

 

Red Rock Resources plc ("Red Rock" or the "Company") announces that on 22 September 2010 it granted options to subscribe for a total 17 million ordinary shares to directors and employees. Of these, options in respect of 11,000,000 ordinary shares are exercisable at a price of 3.2 pence per share, expiring on the fifth anniversary of grant. One half may be exercised immediately, with the balance once year after the date of grant. These were granted as below:

 

Andrew Bell

3,250,000

Michael Nott

2,000,000

John Watkins

1,000,000

Manoli Yannaghas

1,000,000

Robert Weicker

250,000

Other Employees

3,500,000

 

Options over the remaining 6,000,000 ordinary shares were granted to Manoli Yannaghas pursuant to an earlier decision of the remuneration committee. These are exercisable at a price of 2.4226 pence per share (being the average closing price on AIM in the 30 days preceding grant) and expire on the fifth anniversary of grant with vesting periods as below:

 

2,000,000

On grant

2,000,000

On commissioning of the 100 tpd capacity processing plant at the El Limon mine in Colombia by 31 December 2010

2,000,000

On the earlier of exercise of the Company's options to acquire shares in Mineras Four Points SA ("Mineras"), or upon repayment in full of all loans made to Mineras

 

Following the grant, the directors are interested in options to subscribe for ordinary shares as set out below:

 

Name

Number of

options

Expiry date

Exercise Price

Andrew Bell

3,000,000

31 May 2011

1.25 pence

750,000

11 May 2012

3.5 pence

10,000,000

3 June 2014

1.1 pence

3,250,000

22 September 2015

3.2 pence

Michael Nott

750,000

31 May 2011

1.25 pence

1,000,000

11 May 2012

3.5 pence

2,000,000

22 September 2015

3.2 pence

John Watkins

500,000

31 May 2011

1.25 pence

750,000

11 May 2012

3.5 pence

1,000,000

22 September 2015

3.2 pence

Manoli Yannaghas

750,000

31 May 2011

1.25 pence

1,000,000

22 September 2015

3.2 pence

6,000,000

22 September 2015

2.4226 pence

Robert Weicker

500,000

31 May 2011

1.25 pence

750,000

11 May 2012

3.5 pence

250,000

22 September 2015

3.2 pence

 

 

Enquiries:

 

Red Rock Resources plc
 
Andrew Bell, Chairman
0207 402 4580/07766 474849
Sandra Spencer, Public and Investor Relations
0207 402 4580/07757 660 798
 
 
Nominated Adviser
 
Religare Capital Markets
 
Peter Trevelyan-Clark/Ben Jeynes
020 7444 0800
 
 
Broker
 
Simple Investments Ltd
 
Nick Emerson, Renato Rufus
01483 413500
 
 
 

Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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